Ann: hummgroup 3Q22 business update, page-102

The first hint of something not right was the delay in the release of the documents and the calling of the shareholder meeting.

That was 4 May.

Now 8 days later a leak to the AFR allegedly details that AA is unhappy with the deal and may look to gather support to vote it down.

The documents will need to be finalized and printed by say two weeks time (26th) for the current timetable to be effective.

So that gives LFS a two week window to improve the offer and get AA back on board...and I personally feel that the $335m initial price tag should be the deal, not hostage to some slippage in the LFS share price. The market has changed radically since the deal was first announced back in January and is in a deep decline, compounder by a war with a consequent steep increase in inflation, precipitating the Fed's to begin the long overdue rate increases. All this is weighing on the market. Which will weigh in LFS price.

So my initial thoughts are that AA is thinking along these lines...to get an improved more certain offer. Which I fully support.

On the other hand, if he is attempting to knock the deal down, I am at a loss as to the motive, unless he wants to clean out management and start again in the top job...I would have thought that would not be his preference given his history with the market, age and commitment.

As they say..."Bird in the Hand"

Let's hope for all our sakes, that he does not overplay his hand.