MET - Metlifecare - one for the fundies?

[winner69]

Wonder what this actually means ..doesn’t sound too friendly


APVG has also asserted that Metlifecare has not provided some information to APVG and made decisions in relation to its response to Level 4 Government directives without consultation and/or consent of APVG, contrary to clauses 9.2 and 9.3 of the SIA.

[moimoi]

Wonder what this actually means ..doesn’t sound too friendly


APVG has also asserted that Metlifecare has not provided some information to APVG and made decisions in relation to its response to Level 4 Government directives without consultation and/or consent of APVG, contrary to clauses 9.2 and 9.3 of the SIA.

Reads as if APVG is scratching around trying to find anything under the sun to get out...

[Bjauck]

Game for the big boys - short coverings very evident in the last few days and probably more to come today.

So the net effect of their shorting activities has not resulted in their reducing their shareholding?

[Beagle]

"and/or that it is reasonably likely to reduce the consolidated underlying net profit (as described in the MAC clause) of Metlifecare by at least 10% in FY20, and/or FY21 and/or FY22 against what it would reasonably have been expected to be but for the COVID-19 event".

As expected. Most economists have predicted a material effect on the real estate market so I think its game over. Also the lockdown has seriously affected their property development activities so there will be less completed units to sell in FY21.

Game, set and match, its all over.

So...when the directors scrape themselves off the floor, (which with their track record will take them most of the remainder of 2020), where too next ? Slowdown in development to reflect slowdown in demand ? Gearing is the lowest in the sector so that's good. Instigation of the buy-back again at some stage down the track ? What's the point of building new units at 20% development margin when you can buy back your own shares at half price ?
What about all those arbitrage players who are holding heaps of shares ?

[JohnnyTheHorse]

Reads as if APVG is scratching around trying to find anything under the sun to get out...

Exactly. They know their claim on the MAC clause is far from solid.

Disc: no current holding. May look to enter at the right risk/reward price (much lower than now)

[Balance]

So the net effect of their shorting activities has not resulted in their reducing their shareholding?

Some institutions were borrowing their stock (my understanding) to short as well - so yes, too big a position to try and bail out without taking a huge haircut.

[Bjauck]

I believe any assertion that the directors are misleading investors is incorrect. They will be working on the basis that the MAC being claimed is "resulting from changes in general economic conditions, the publicly traded securities market in general or law." If this is correct, APVG cannot terminate the offer.

This will play out in the courts.

I think there were doubts that an health epidemic affecting the elderly disproportionately such as we are experiencing could simply be put down to "general economic circumstances" These doubts should have been included that in theirMarch public update announcement on the scheme implementation.

[stoploss]

50 % discount wow

[King1212]

Holly ****...how many people got suck in? God all mighty 🙏!

[carrom74]

we live in a strange world...Before the takeover MET had a sp of around $4.5 and the whole world was saying that the sp is undervalued and the board even commenced a share buy back for about $30M(if i am right)...

Fast forward 8 months the sp is tanked at $3.40...seriously???