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14-03-2020, 07:10 PM
#1421
Just because these companies have a big land bank etc, doesnt mean they need to use it for retirement units. They could for example sell the land again, or subdivide and put a chunk into regular housing or some sort of commercial/retail development.
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16-03-2020, 09:11 AM
#1422
MET still insisting the takeover will happen!
As I mentioned the market falls are not a trigger in themselves to abandonment of the Scheme and apparently the purchasers are still co-operative etc... hmmm we will see.
Glad I'm out (again)
For clarity, nothing I say is advice....
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16-03-2020, 09:13 AM
#1423
Originally Posted by peat
MET still insisting the takeover will happen!
As I mentioned the market falls are not a trigger in themselves to abandonment of the Scheme and apparently the purchasers are still co-operative etc... hmmm we will see.
Glad I'm out (again)
Almost seems like MET is demanding the takeover happens... doesn't really give alot of confidence that it will.
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16-03-2020, 09:28 AM
#1424
Originally Posted by peat
MET still insisting the takeover will happen!
As I mentioned the market falls are not a trigger in themselves to abandonment of the Scheme and apparently the purchasers are still co-operative etc... hmmm we will see.
Glad I'm out (again)
Following this one with interest. Despite what they say I reckon this is at best, 50/50. I see fair value at $4 if it doesn't happen and $7 if it does so $5.50 seems about right, however my gut says stay away even if it falls to that price. Pretty easy to make a case that underlying profit is reasonably likely to fall by 10% or more in FY21. I think they will make that case and argue it out in court if they have too. Hard for the company to sue for damages because the break fee is prescriptive in its quantum and what losses has the company itself incurred that haven't been compensated by the break fee ? Would appear then it would require a class action by shareholders and good luck with that. My money is on them walking away. Companies trading at a discount to NTA, not at NTA, are not going to be thin on the ground going forward in my opinion.
Last edited by Beagle; 16-03-2020 at 09:29 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
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16-03-2020, 10:19 AM
#1425
Certainly correcting commentsand injecting confidence or trying (pretty hard in these situs)
Contrary to a recent broker commentary, APVG is not entitled to elect to
cancel the SIA at its option and pay a reverse break fee. The reverse break
fee is only payable if APVG is in material breach of, and Metlifecare
terminates, the SIA.
APVG has continued to work co-operatively with Metlifecare to finalise
arrangements for the meeting of shareholders to approve the scheme, scheduled
for 29 April 2020. Metlifecare also understands APVG's application for
approval under the Overseas Investment Act remains on track to be determined
prior to the shareholders' meeting
met
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16-03-2020, 02:02 PM
#1426
Originally Posted by Joshuatree
Certainly correcting commentsand injecting confidence or trying (pretty hard in these situs)
Contrary to a recent broker commentary, APVG is not entitled to elect to
cancel the SIA at its option and pay a reverse break fee. The reverse break
fee is only payable if APVG is in material breach of, and Metlifecare
terminates, the SIA.
APVG has continued to work co-operatively with Metlifecare to finalise
arrangements for the meeting of shareholders to approve the scheme, scheduled
for 29 April 2020. Metlifecare also understands APVG's application for
approval under the Overseas Investment Act remains on track to be determined
prior to the shareholders' meeting
met
What happens if APVG vote against the scheme. How many shares do they beneficislly control?
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16-03-2020, 02:05 PM
#1427
Companies trading under NTA are rapidly increasing in number on the NZX. OCA, SUM KPG just some companies now trading at a discount to NTA. There will be a lot more soon. They probably won't pull the rip cord on their escape parachute until the last minute in the hope the markets recover.
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
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17-03-2020, 11:07 AM
#1428
Originally Posted by winner69
Well done
I think you right in that it looks like the acquisition is dead in the water
Market needs another statement that the deal is definitely still going ahead
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
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19-03-2020, 10:07 PM
#1429
Member
35% discount now today of the stated $7 takeover price. Surely cant be going ahead now due to dropping this low but if it still is then MET would need to be a screaming buy at this price, announcement must be due soon. Due to the size of the drop either shareholders panicking or deal not going ahead.
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19-03-2020, 10:14 PM
#1430
Independent assessment report is supposed to be released to shareholders sometime late March. I'd be very surprised if this still went ahead. Companies in this sector trading at a discount to NTA are now common, eg OCA at 45% discount to NTA, heck even T.'Js favourite ARV trading at a discount to NTA as is no growth SUM.
Heck the only one not trading at a discount to NTA is RYM, but the way it is dropping that might change pretty soon !
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
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