Bullzeye, page-42

Based on the closing price of Emerald on 3 February 2022 of $1.05, the Emerald offer values a Bullseye Share at $0.306. If conditions of the Xingao proposal are met and the higher price of $0.35 offered, it will represent an attractive 14% premium to the Emerald offer. Xingao, which already has voting power of 14.85% in Bullseye, is not prepared to accept the Emerald offer. Xingao believes Emerald scrip delivers considerable value uncertainty. Bullseye shareholders are urged to consider the merits of Xingao's superior cash offer. Xingao Director Luke Huang said he believed Bullseye shareholders would appreciate the opportunity of a cash exit for what has been an underperforming asset. "We are prepared to put cash on the table and pay a premium,” said Mr Huang. “The alternative is Emerald scrip and, frankly, we don’t want to risk that. We have concerns about Emerald’s Cambodian assets which, together with volatility in global markets, presents significant uncertainty and a very high risk that the effective price being offered for Bullseye could drop significantly.

Anyone who took up EMR shares is currently sitting on a 40% premium (the BZ value is now over $0.43). Way above what Xinhe offered. Those who've hung on have seen nothing but dilution. Hindsight is a wonderful tool for investing. Maybe an EMR scrip offer again would be a way forward.