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  1. #2581
    ShareTrader Legend Beagle's Avatar
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    Doesn't really make any difference to the strength or otherwise of the argument to be had in the high court commencing 23 November 2020, in my opinion.
    I note in the learned Judge's opinion it will be unrealistic of the parties to expect a judgement before the end of January 2021. (certain to be a reserved decision for very careful consideration) because the case involves complex legal, economic and accounting matters. I would therefore not expect a judgement until February 2021. The chances of the decision being appealed should not be overlooked and the additional timeframe and costs involved needs to be considered too.

    An appeal to the Court of appeal and by the time it takes for them to make their reserved decision could eat up most or all of 2021 and then there's still the possibility of another appeal to the Supreme court going well into 2022 and in all this time if MET are trying to get them to agree to the takeover they have to continue to run the company in accordance with the terms and conditions specified within the scheme implementation agreement which means no dividends. So, all accrued earnings right through to potentially even as late as sometime in 2023 could flow through to EQT as part of their $7 acquisition. Don't you just "love" the legal system

    I will have some hard questions for the legal advisors and directors at the forthcoming meeting. Is there any chance of a settlement at a lower price is one question I will be asking. I want to know an estimated timeframe if this gets appealed all the way to the Supreme Court and some idea of costs. I am starting to wonder if its worth it to be quite honest about it. If earnings for the next two years are going to disappear in legal costs is there any point ?
    Last edited by Beagle; 02-06-2020 at 05:25 PM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  2. #2582
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    Great master Beagle...! When is the meeting..?

    Can u also ask whether they will do a buyback?

  3. #2583
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    Wonder how long the “... support of a significant proportion of our biggest investors.” will be maintained ....I’d hazard a guess their patience might start to wane.

    What happens if shareholders dont ‘endorse’ this brave stand

    Heads you win, tails you don’t lose ...hmmmm
    “ At the top of every bubble, everyone is convinced it's not yet a bubble.”

  4. #2584
    ShareTrader Legend Beagle's Avatar
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    Quote Originally Posted by King1212 View Post
    Great master Beagle...! When is the meeting..?

    Can u also ask whether they will do a buyback?
    "Metlifecare anticipates dispatching the Notice of Meeting and associated materials to shareholders in the week commencing 8 June 2020, with the meeting to be held in mid-July, 2020". They won't be able to do a share buy-back and take legal action at the same time, such actions are precluded under the scheme implementation agreement.

    Winner, I wonder if everyone is aware that this could easily drag on into 2022 with appeals all the way to the Supreme Court ? Its going to be necessary to take a "dogged" approach with this one. Wonder if legal action considering all the implications for the ongoing operation of the company within the tightly defined parameters of the scheme implementation agreement will require a special resolution, i.e a 75%+ vote in favour or just a general resolution ?

    Just as well according to the best academics at Harvard these MAC disputes normally end up being settled out of court.
    Last edited by Beagle; 02-06-2020 at 07:46 PM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  5. #2585
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    Quote Originally Posted by Beagle View Post
    Winner, I wonder if everyone is aware that this could easily drag on into 2022 with appeals all the way to the Supreme Court ? Its going to be necessary to take a "dogged" approach with this one. Wonder if legal action considering all the implications for the ongoing operation of the company within the tightly defined parameters of the scheme implementation agreement will require a special resolution, i.e a 75%+ vote in favour or just a general resolution ?
    When you put it like that, prospects suddenly don’t look so rosey, do they? Certainly plenty to ponder.

  6. #2586
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    Quote Originally Posted by Cyclical View Post
    When you put it like that, prospects suddenly don’t look so rosey, do they? Certainly plenty to ponder.
    Yes there is. One question someone has to ask at the forthcoming shareholders meeting. Is it possible to just settle this thing at a somewhat lower price ? Is there any tangible sign APVG wants to do a deal or is this totally adversarial and even acrimonious ? I think I might send the directors a list of questions I will be asking before the meeting so they'll have time to prepare.
    Last edited by Beagle; 02-06-2020 at 08:53 PM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  7. #2587
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    A final court decision forcing an offer at $7.00 sometime in 2022 is a significantly worse deal than the original offer of $7.00 in early 2020 – if I understand the terms of the offer MET can't pay dividends during that time and/or shareholders have lost about 2 years of use of the $7.00 per share.

    Would a court judgement in METs favour make provision for those losses? If not, I'd rather see cash damages.

  8. #2588
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    its still probably one of the most likely ways of turning $4 into $7 though. which is 20% pa. even if it takes 3 years.
    Shame about the dividends being deferred for holders along the way though, that seems like an inequitable situation if the Reneger has become fully adversarial. They're still there of course for the patient....
    For clarity, nothing I say is advice....

  9. #2589
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    Quote Originally Posted by traineeinvestor View Post
    A final court decision forcing an offer at $7.00 sometime in 2022 is a significantly worse deal than the original offer of $7.00 in early 2020 – if I understand the terms of the offer MET can't pay dividends during that time and/or shareholders have lost about 2 years of use of the $7.00 per share.

    Would a court judgement in METs favour make provision for those losses? If not, I'd rather see cash damages.
    Lots of questions and very few answers at this stage. Knowing lawyers a little bit they will be very reluctant to even give a vague estimate on the costs of this matter so it might just be best to ask what are legal fees incurred to date ? and then multiply that by about 10.

    One wonders what has happened to the other two parties that expressed interest in taking over MET at one stage ? Have they disappeared completely or is there some chance of resurrecting one of those possible deals ? More questions...I really am full of them. What is the point of continuing development activities on a pathetic development margin of just 13%...if the directors think their shares are really worth $7 why not just spend the development money on buying the shares back ? $7 / $4.35 = 61% return, quite obviously a vastly higher return on capital than 13%.

    The market is disappointed in MET because the directors need to wake up and smell the coffee.
    Bottom line, there are reasons the shares trade at such a deep discount to asset backing and the directors need to acknowledge their part in that and let shareholders know what other alternative ways there may be to accrue value to shareholders than going on a multi year legal goose chase that will likely cost many tens of millions of dollars in legal fees with a very uncertain outcome. End of rant...I feel a bit better now lol
    Last edited by Beagle; 03-06-2020 at 08:47 AM.
    Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.
    Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine

  10. #2590
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    I don't believe this prevents MET from paying a dividend. The agreement only states no dividend can be paid up to a certain date, which I think was 15 May. It would be a bit on the nose if they were able to settle this thing at $7 plus get all the profits for a further two years. This is what will come under the successful outcome for MET. Specific performance as well as damages which will include costs and increased value from 15 May to date of final settlement. I think the bidder should be quite concerned that if they lose it will be quite costly. Big risk by them. They will be negotiating furiously right now. Of course this won't hit the news because of the commercial sensitivity.

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