pure guess, page-15

Jemma

just read your post sorry for delay but ive been more than preoccupied with other things more important , My dog has been very very sick but now is off critical and coming home!


I agree with all you said x 2 .
But I would also caution all on lack of liquidity in thos stock still due to the structure of the shareholdings..thats a prime reson for undervaluation.,,,lack of research plus lack of price discovery due also to market capitalisation size etc etc .

But the important stuff llike underlying enterprise value, v's market cap is very very good here. big discount,

We do need confirmation of dividend flow commitment.

RE your comment "if i was the major holder I'd buy out the rest ."" yes ...have thought long and hard about that. MD said to me he'd lose face by doing that under the ipo price .. But then again its business too. Inscruitable comes to mind


Id bet that that was on in the mid term horizon but he's already creeping up his holdng in jumps just by taking the dividend reivestment option . His last big under the table purchase was at 8.5c i recall. We tak cash he takes shares and we dilute

Id look for that again very soon then that would reaffirm in my mind that a privatisation was inevitable in the longer term.

The risk is that he decides to withhold or lighten the div flow to discourage shareholders and they lighten off holdings , drive the SP down then he makes a low ball privatisation bid..
this is a clear risk ..
I would do it ,
not fair... no?

But then its business ...and legal. We'll know in a few weeks - 15th plus a few days I reckon