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 Originally Posted by 777
Can he do that without increasing his offer?
He has been picking up shares at 15c.
He cannot buy at above that without revising his 15c offer.
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Member
Originally Posted by Balance
He has been picking up shares at 15c.
He cannot buy at above that without revising his 15c offer.
I thought you couldn't buy below the offer price?
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Originally Posted by Chaowee88
I thought you couldn't buy below the offer price?
He can buy whatever he wants on market as long as it is at or below offer price.
That's my understanding.
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Originally Posted by Balance
He can buy whatever he wants on market as long as it is at or below offer price.
That's my understanding.
Actually I meant above the offer price which would mean he is not the one paying 16c.
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Originally Posted by 777
Actually I meant above the offer price which would mean he is not the one paying 16c.
Hence my comment someone buying at above 15c to block the takeover or to extract a higher price.
Chairman's independence is seriously suspect imo.
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Member
Maybe his comment is in light of at the time of the full year report, the share price was trading at 10C whereas the offer is 15C?
Although the 15C offer is on the low side I think at 16C it getting close it it fair value which I think is about 18C
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Originally Posted by Chaowee88
Maybe his comment is in light of at the time of the full year report, the share price was trading at 10C whereas the offer is 15C?
Although the 15C offer is on the low side I think at 16C it getting close it it fair value which I think is about 18C
JWI was happy to acquire Clearwater at an EBITDA of 8.8 times.
On that multiple, JWI is worth $46m or 51c.
If you use a reasonable multiple of 6 times for similar companies (pages 35 & 37 of KordaMentha report) like Cool Clear Water etc, JWI is worth $27.5m or 30c.
Long long way higher up from the miserly offer of 15c.
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I agree with Balance. I thought Falkenstein was a gentleman, I was wrong. This low ball offer is one of the most miserable and mean take-over offers I can ever remember.
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Originally Posted by Roger
I agree with Balance. I thought Falkenstein was a gentleman, I was wrong. This low ball offer is one of the most miserable and mean take-over offers I can ever remember.
Cash flow generation over the last 4 years indicates company will be debt free in 3 years' time.
And just when the company is turning around, he pulls this stunt.
Last edited by Balance; 24-11-2014 at 08:37 PM.
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Originally Posted by Balance
The offer from Falkenstein is clearly opportunistic and that's why there are parties now moving to block the takeover - decent volume now going through at 16c.
The Chairman's comments recommending acceptance of the 15c opportunistic offer :
"Just Water is currently facing competitive trading conditions, in both the New Zealand and Australian markets, and has, so far, been unable to arrest a decline in revenue, particularly rental revenue." 11 Nov 2014
Huge contrast from the Chairman's comments only 7 weeks ago when reporting results for FY June 2014 :
"Whilst consolidated operating revenue was slightly down on the previous year the Directors believe that the Group is positioned to deliver future growth over the coming years."
"The Directors are pleased with progress over the last year. The Group is in a sound position both financially and people-wise, giving it the foundation on which to expand."
3 September 2014
Great post which I missed when I posted earlier. This looks like a real scurrilous and despicable fiasco.
Last edited by Beagle; 24-11-2014 at 05:22 PM.
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