The problem is that you can only sell 35% of your holding because it is a proportional bid.
Then control passes to Emerald and you are stuck with them.
Whilst generous on the surface the premium is only around 2 cents to cash backing.
That equates to a premium of around $2.4M to get control of $28M cash. With a stated goal of getting a 40% holding they will be very firmly entrenched.
The existing directors were talking about a buy back at around 20 cents not that long ago.
I would sooner take 20 cents for all my holding than 23 cents for only 35%.
Particularly given that Emerald/NOP have never (to my knowledge) gone on the record to say what their intentions are.
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