MET - Metlifecare - one for the fundies?

**Raz** · 28-04-2020, 09:05 AM

Originally Posted by winner69

THEY MUST CONTINUE WITH THEIR CONTRACTUAL OBLIGATIONS ...and put us out of our misery

http://nzx-prod-s7fsd7f98s.s3-websit...211/321431.pdf

GO MET ....STICK IT TO THEM

Good and very clear notice.

**Gerald** · 28-04-2020, 09:06 AM

" Under New Zealand law, an invalid termination is treated as a ‘repudiation’ of the contract enabling the non-defaulting party to elect to either (i) cancel the contract and seek damages or (ii) continue with the contract and require the defaulting partly to perform its obligations. "

Anyone know what 'damages' would look like? Might cover those Chapman fees

**Balance** · 28-04-2020, 09:15 AM

Originally Posted by Gerald

" Under New Zealand law, an invalid termination is treated as a ‘repudiation’ of the contract enabling the non-defaulting party to elect to either (i) cancel the contract and seek damages or (ii) continue with the contract and require the defaulting partly to perform its obligations. "

Anyone know what 'damages' would look like? Might cover those Chapman fees

Does not look like MET is going for damages - it is going for specific performance, for the $7.00 takeover offer to go ahead.

**allfromacell** · 28-04-2020, 09:16 AM

Looks like they'er out completely, clearly they have no intention of going ahead.

http://nzx-prod-s7fsd7f98s.s3-websit...213/321435.pdf

**Balance** · 28-04-2020, 09:21 AM

Originally Posted by allfromacell

Looks like they'er out completely, clearly they have no intention of going ahead.

http://nzx-prod-s7fsd7f98s.s3-websit...213/321435.pdf

That’s in line with their termination notice. They could hardly do otherwise, could they?

**JohnnyTheHorse** · 28-04-2020, 09:37 AM

I encourage everyone to read the termination notice from EQT. My initial thoughts are that irrespective of everything else, the wage subsidy application will hold up in court (allowing legal termination of the contract).

Either EQT or the board are in big trouble! Either way, the lawyers are going to be doing well.

**jonu** · 28-04-2020, 09:41 AM

I'm not sure which way this reads for the share price.

On one hand EQT is out and presumably the heavy selling will stop. On the other hand they have fully committed to exit and have taken the risk of hugely increasing their losses if they are to be made to go through with it. There is going to be blood on the floor by the end of it.

**sb9** · 28-04-2020, 09:42 AM

Originally Posted by JohnnyTheHorse

I encourage everyone to read the termination notice from EQT. My initial thoughts are that irrespective of everything else, the wage subsidy application will hold up in court (allowing legal termination of the contract).

Either EQT or the board are in big trouble! Either way, the lawyers are going to be doing well.

Unfortunately only winners out of these corporate litigation wars are lawyers....

**traineeinvestor** · 28-04-2020, 09:42 AM

Originally Posted by Balance

Does not look like MET is going for damages - it is going for specific performance, for the $7.00 takeover offer to go ahead.

Which, I assume, means no dividend and no share buyback until this is resolved as per the original terms of offer? But a complex case like this can drag on for years (including appeals).