MET - Metlifecare - one for the fundies?

[King1212]

mate ..u got to stop buying...otherwise you will be soon need to file in your holding to NZX...lol

[bottomfeeder]

Always wanted to get my name in an annual report amongst the 20 largest shareholders.

[fish]

Fair comment but I am looking at the price of RYM and SUM start to go on a tear and wondering if $4.50 isn't the screaming bargain of the entire NZX ?
If you get left holding the baby 2.5% is okay yield nowdays I think I might get some more...

I am in the dark as to how todays court proceedings went
?any news

[peat]

I am in the dark as to how todays court proceedings went
?any news

whether EQT was entitled to cancel will be determined at a three-week hearing tentatively scheduled for November this year, more details of the dispute were traversed at today’s High Court at Auckland hearing on whether a vote can be held.

https://businessdesk.co.nz/article/m...ive-court-told Paywall

[peat]

The renegers QC's (yes 2 of the cnuts) are making sure that shareholders know all about the costs and delays and risks associated with expecting a contract to be stuck to , in front of the learned Justice
Lang who reserved his decision on the shareholder vote, saying it would be released next week.

[fish]

whether EQT was entitled to cancel will be determined at a three-week hearing tentatively scheduled for November this year, more details of the dispute were traversed at today’s High Court at Auckland hearing on whether a vote can be held.

https://businessdesk.co.nz/article/m...ive-court-told Paywall

Thanks.
Decided it was worth subscribing so have read the whole article.
Nothing I could see to have any effect on the SP

[Beagle]

Thanks Peat.

[traineeinvestor]

Am happy to wait, If we get $7.00 or damages of $2.00 or more, increase in value due to deferred dividend, safe haven to stash money and increase in value to nta. All good.
DISC: HOLD and HOLDING.

From the NZ Herald: "Metlifecare's options for remedy were to cancel the contract and seek damages, which are capped at $14.5 million or force EQT to uphold its end of the deal. It chose the latter."

https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12335627

[bottomfeeder]

Just goes to show, the devil is in the detail. Have to read that a bit more carefully, before I buy any more. Still happy to hold without the takeover going ahead.

Unfortunately the article is paywalled, and I cant see how they presume the limitation of damages. I cant see anything in the agreement which limits damages. But there are different types of damages. I could look foolish talking about my take on the matter without studying the article fully. But even though the court warns MET, about the costs involved in pursuing the cancelled agreement, its unfortunate the court did not specify the risks and costs, as well as damages, (all types) that the bidder may incur in the process of cancellation. Without being involved, I must accept that MET has had legal opinions, on the success of their challenge, and whether damages are worthwhile the pursuit. I feel that the damages amount of $14 mill odd is based on acceptance of the MAC by MET, but further and different type of damages may be available by pursuing the specific performance of the agreement.
So I really havent changed my opinion too much at this stage.

[bottomfeeder]

The next results will be telling whether the bidder was correct in relying upon the MAC. If they are good it will definitely mean MET success in the pursuit of specific performance, but if they are below the parameters in the agreement it does not mean that the bidder will be sucessful. It may hurt our case a bit however.