Synlait Farms Limited (SNLF)

[1leon]

Best estimate by Synlait Milk is now a ...................... $9.00 .............. payout for 2013/14

Hard to sell at $2.10 now !!

The $2.10 takeover is " fair value " if you assume average milk payout going forward is about $6.90 ... so not exactly generous

Might not accept offer now .... ????

Offer of $2.10 which is asserted to be a premium to an assessed asset backing but without attempting a revised valuation on latest sales. Adopting latest sale the asset backing shifts to $2.78 and offer becomes a discount of almost 25%. Not a sell at all!!

[FarmerHamilton]

Offer of $2.10 which is asserted to be a premium to an assessed asset backing but without attempting a revised valuation on latest sales. Adopting latest sale the asset backing shifts to $2.78 and offer becomes a discount of almost 25%. Not a sell at all!!

Agreed , not a tempting offer really. If you also assume the average payout going forward is going to be $7+ with regular spike to $8 then the shares are really worth closer to $3 than $2 ....

[Armillary Private Capital]

Trading to recommence tomorrow:

http://www.unlisted.co.nz/uPublic/un...cement_id=2319

[1leon]

It seems unbelievable that the Directors of Synlait could impose a trading halt lasting an unheard of 6 weeks and more incredible that this has enabled the bidder (SFLH [including two existing Synlait directors]) to advance the 50.18% held under lock up agreements to 66.78%. Apparently the trading halt has meant SFHL has been free to buy under its offer for the last 3 weeks but no one else has been permitted to trade. The trading halt is being lifted on the bidder securing two thirds of the company. It would be great to see a standoff by the remaining shareholders.

[Armillary Private Capital]

90% acceptances reached:

http://www.unlisted.co.nz/uPublic/un...cement_id=2322

[Harvey Specter]

So again we have no 'farms' listed on the sharemarket.

We need a partial privatisation of LandCorp.

[zigzag]

So again we have no 'farms' listed on the sharemarket.

We need a partial privatisation of LandCorp.

Parts of LandCorp could be a good float, but can't see it happening. Try Rural Equities (REL) on Unlisted.

[Harvey Specter]

Parts of LandCorp could be a good float, but can't see it happening. Try Rural Equities (REL) on Unlisted.

politically unacceptable but they could limit it to NZ shareholders??

Will have a look - isn't that they one controlled by Cushing?

[1leon]

politically unacceptable but they could limit it to NZ shareholders??

Will have a look - isn't that they one controlled by Cushing?

The media frequently and not incorrectly usually refers to Cushings' Rural Equities which is exactly the way they run it. Given this latest escapade on Unlisted where Synlait suspended trading for 6 weeks whilst the takeover progressed there is yet more reason to be wary of Unlisted companies particularly where there is a majority shareholder advancing its own interests.

[Armillary Private Capital]

Notice of variation posted (extension of offer and price appreciation).