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We all know that BoDs always have close contact with biggest shareholders and will be influenced by them in a way that small investors never can. Only natural.
But I think this cheap take over now also puts the Aurora Production purchase into perspective. Their assets didn't seem exciting, so why bother. But when it was stated that they had tax losses of about GBP90 million that should be available to offset tax on future profits, I thought - interesting. Clearly the BoD can see a good profitable future, and able to make use of the tax cover.
But clearly our biggest investor also saw a use for the tax cover and perhaps encouraged the board to grab it for its value, with the intent of a later offer for whole of us. And that offer not fully valuing our assets, not reflected currently in share price.
A decent BoD would have rejected the offer for whole of EDR, saying it doesn't fully reflect value - regardless of share price and left it for us to decide ourselves. Instead, they played up the offer value against recent closing prices. But I guess they will keep their management jobs, maybe with a bonus for nodding it through, or get a golden send off if they are surplus to requirements later on. So bugger the small investors.
So I'm still crossing my fingers that someone will buy up as much as they can before the vote and stay as a minority shareholder or force a decent offer, which will still return a profit to them. Or make an offer themselves that our current major shareholder sees as too good to refuse.
Here's hoping / dreaming!
With their 44% and irrevocable commitments from EDR directors of 2.69% and UJO & Harbour of 11.53%, that takes them to 58% plus whatever they can by in the market, is it not a done deal or is the threshold higher?
Min of 75% required to cross the line. I think Petrichor own about 48% at moment, and have total of other confirmed backers for 14.23%. So as I understand it, they need just under 13% more. Not a lot, so they will probably do it. But think, while lots are being sold to MMs, most ordinary investors will hold to see what happens. Don't think MMs will hand theirs over until last minute either. So will probably happen....but stranger things. Given they own 48% already Petrichor really only have to make a higher offer for half the company value. I still think - and they know it - offer well under values the Co current known value etc, and future potential.
Thanks gerhart, if they are buying in the market, do they have to make regular announcements as to their holding? 1% increments perhaps?
I have already told my broker to vote against this deal.
There doesn't seem to be any sign of purchases in the market. Though I guess someone could be gathering what becomes available without it showing at the moment, but not apparent yet. They have to announce any purchases (think anyone over 1% in offer period) and I think it is stricter timelines when in an offer period. But what is the point they are actually bought, if someone gathering a "bulk purchase". My guess is they'll sit tight now. But who knows.
I'll be voting against as well. I'd rather stick my shares in the bottom drawer for a few years. The company is debt free! We have regular profitable income. We have prospects. We have (for our size) substantial tax-loss cover to off-set against future profits. We are not going bust any time soon!! LOL What we don't have is a decent proactive bunch of directions to drive the company forward so there is an even better story to tell and then the market may wake up! Instead they are happy to ditch small investors as they will still keep their jobs and maybe get a bonus for pushing this through. Petrichor are not offering us 4.5p for charitable reasons! They are doing it as they see the value.
Another bunch of Directors to be put on my Bargepole list when considering future investments