This view is not supported at all by the real estate evidence to date. Such a defeatist opinion from a very tired old director well and truly past his prime. No wonder the arbitrage investors want to get rid of him. That's truly pathetic coming out in public and waving the white flag like that. Show some fight and try and get at least the mid point of the valuation range, ($6.35) for goodness sake !
Wasn't he just saying a week ago that the company was still worth $7 and that he disagrees much has changed / impacted the company since lockdown??
This view is not supported at all by the real estate evidence to date. Such a defeatist opinion from a very tired old director well and truly past his prime. No wonder the arbitrage investors want to get rid of him. That's truly pathetic coming out in public and waving the white flag like that. Show some fight and try and get at least the mid point of the valuation range, ($6.35) for goodness sake !
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
Wasn't he just saying a week ago that the company was still worth $7 and that he disagrees much has changed / impacted the company since lockdown??
Yes he was. I think he's caving in under the pressure. Shareholders rightfully expect better. Real estate sales evidence to date in no way supports the substaintial reduction is prices he is suggesting. Its shameful that he is showing so little spine in this matter. Hopefully the arbitrage funds show a lot more fight than he has because clearly he is a man running on an empty gas tank. If he can't get EQT above $6 the next best thing is for MET to be allowed to pay out 6 months worth of earnings, (about 20 cents per share as a special dividend) Its been a very long time between drinks for those banking dividend cheques with this one.
Last edited by Beagle; 06-07-2020 at 06:15 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
Well..he would be very relieved with all the pressure off from his shoulder....
Still 25c off the offer price
I think the arbitrage funds might be a little more cautious this time lol
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
Superfund is not going to have the final say in this. Needs 75% support and there's a bunch of arbitrage funds holding plenty that have a much higher average cost than $6.
How much pain if any they are prepared to accept and how much higher EQT are prepared to go will determine the outcome of this.
It took quite a long time for EQT to come up from $6.50 to $7 originally so I expect negotiations to take a while...and then it has to be framed up into an amended scheme implementation agreement.
I agree Balance. Excellent chance that $6 will be raised to around the mid point of the most current independent valuation. My guess remains $6.35 or very close to that.
Last edited by Beagle; 07-07-2020 at 09:35 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
‘So let's get this right. APVG wanted out claiming material change, it also argued a loss of good standing because metlifecare took the government wage subsidy then it's realised oh bugger actually all the aged care facilities in NZ are doing ok and we have eliminated the risk of covid.
They have no basis at all to pull out of the existing SIA but have cheekily thought let's try and get a discount instead of paying for a lengthy unwinnable and expensive court fight.
Mmm sounds like metlifecare are being played. Counter offer at 6.5 would likely split costs of the court battle and still give APVG a good buy.’
Originally Posted by Beagle
Reply With Quote
Bookmarks