MET - Metlifecare - one for the fundies?

[Beagle]

https://www.nzx.com/announcements/355536 - Having a real meeting after all, that's good.

[Balance]

https://www.nzx.com/announcements/355536 - Having a real meeting after all, that's good.

No catering, I see.

Don’t want too many shareholders lingering around after the meeting to ask awkward questions one on one?

[Beagle]

I might have mercy on them and send them a list of my questions a few days before or more likely just turn up and start the grilling and barking. Nephew owns a restaruant just around the corner in Kingsland so I won't be going hungry afterwards

Might be a few larger shareholders there doing serious grumbling too...could be a pretty good show as far as corporate meetings go.

Anyone on here going to come along and watch the Beagle bare his teeth and do some barking ?

Selfie video - I do not want to give up my $7 lol https://www.youtube.com/watch?v=8tuBqRHJ-mo

[Balance]

I might have mercy on them and send them a list of my questions a few days before or more likely just turn up and start the grilling and barking. Nephew owns a restaruant just around the corner in Kingsland so I won't be going hungry afterwards

Might be a few larger shareholders there doing serious grumbling too...could be a pretty good show as far as corporate meetings go.

Anyone on here going to come along and watch the Beagle bare his teeth and do some barking ?

Selfie video - I do not want to give up my $7 lol https://www.youtube.com/watch?v=8tuBqRHJ-mo

May see you there, Beagle if a deal is not done by then - to provide some balance. 😃

Sp steadily moving a bit higher and there's little selling around.

No reason for the hedge funds and institutions who have been tipped off about a $6.00 offer to sell? Better to agitate the directors to accept, right?

This could be the easiest $1.00 to be made perhaps - note the big 1m+ crossing at $5.03 yesterday? Someone knows something.

[Beagle]

I can't see a deal at $6 getting over the line mate. $6.35 is the mid point of that updated valuation (which it could be argued was done at the worst possible time). Emerging anecdotal evidence and reports suggest the real market has not been hit very hard at all. $6 wouldn't get my support but I would roll over at $6.35 just for the sake of being done with it and moving on.

At $6.00 I'd stick around forever and a day and bark up a storm at every annual meeting of MET just for the joy of making more noise than a lamb lost from its mother

[Leftfield]

NZSA's views on the resolutions and prospects of the legal action - see here.

[dibble]

Seems to me MET have approached EQT seeking a deal and have been lowballed with a heavily revised offer which MET have rejected.
Where it goes from here is anyone's guess !

Presume that is just your feeling (or was it written somewhere?), if correct wouldnt it suggest that MET blinked first (not an ideal starting position for negotiation)?

[Beagle]

NZSA's views on the resolutions and prospects of the legal action - see here.

Thanks for sharing.
Good of them for encouraging a physical meeting.

Regardless of the company’s view of the merits, the costs to pursue this matter through the courts will be large and the process will be drawn out. Even if the company is successful in court and the verdict is in its favour there is still another hurdle, actually enforcing any judgment made against parties in another jurisdiction.
We note there is no indication of the potential costs of the litigation. It would have been helpful if even a broad range of costs had been included to give some context to the risk/reward equation.

They overlook an appeals process that could run in the N.Z. judicial system for about two years...then enforcement action and possible appeals to that in foreign jurisdictions...how long and expensive could this be ?...that's the $64m question ?

This concerns me and something I will want answers too before voting. I can't help but wonder if they can't get a reasonable revised offer VERY close too or above the $6.35 mid point of the revised valuation whether they aren't simply better to get back to running their business. Even in normal times I think it would be fair to say the directors and management struggle to govern and manage this company in an optimal way relative to their peers, throw in the demands of extremely protracted legal proceedings and...then there's the costs if they lose.

If EQT or someone else wants to take them over, let them make a revised offer, if not lets get back to business. 75% is a high bar, it won't surprise me at all if they don't get there and to be honest I am not sure I want to help them get there or not. If they can't at least give some vague idea of costs or timeframe...one wonders what sort of goose chase is this ?

[Baa_Baa]

I think it speaks volumes about a company that the directors are so desperate to sell. Un-investable imho. Current punters can talk up the long term hold prospects if the buyout doesn't happen, but really ... why buy a company that clings to the hope of a buyout after the bid fails? I get it though that if there's a quick win, then also a quick trade, but when the deal falls through best to scalp any profits and move on or take a loss and move on. Something smells bad when these scenarios eventuate, failed buyouts and desperate directors to divest, directors basically admitting they've failed and the only good option for shareholders is to flick the company, to in this case, a vulture, who now doesn't want it.

[peat]

But, if shareholders dont vote to continue litigation the renegers will just walk away.
I'm now wondering if we shouldn't really have a vote on issues like this - we should have faith in the directors negotiating skill which will be severely undermined by a no vote. We should vote yes simply to support the directors optionality. The vote No, only limits it.

I saw Argosy ditched a property today (industrial but still) at a small gain so this would continue to support other property sectors at good levels. There is no rational basis for the property valuation component of the trigger.