For mine, the mussing link is an item called "premium in recognition of the future development pipeline".
LLC are offering us about the real NTA (after a massive haircut at June 30...deliberate? who knows?)
But in its offering, LLC refuses to recognise that it is acquiring a going concern business that is established with systems and a workforce already in place. And it is generating an income from its already established revenue flow...
PLUS... the ability to be able to GROW the business by using the future development pipeline. THIS DOES HAVE A VALUE!
It's the equivalent of buying a block of flats which also includes an adjacent block of land on which you can build an additional 30% more flats...but not offering anything for the surplus land!
...and another point which I haven't researched yet. Did LLP acquire some villages from LLC as part of the deal?
If yes, it would be interesting to work out the mathematics of just that transaction. Have we been patsies by buying their assets at a premium and they then write part fot he value off at June 30, and look to buy it back from us and make a swing profit?
The independent directors should hang their heads in shame. An absolute disgrace and they should be publicly outed on this.
I echo the sentiment of others on this medium:
DO NOT DO NOTHING...because they win if we acccept or do nothing!
YOU MUST BE VOCAL AND IN THEIR FACES.
Everyone should send an email to the "independent" directors...send an email to ASIC and if you know of any journos..send them an email as well.
I'm sending an email to Gottliebsen, Tim Treadgold and a few newsletters to whom I subscribe.
Final Comment: LLC, all we want is a fair price and realistically, I figure you are at least 10 cents short.
Independent directors...you guys had better shape up because this is the kind of stuff that will immediately terminate your professional careers!
Let's be active and get the message out there!
LLP Price at posting:
30.0¢ Sentiment: Hold Disclosure: Held
