42% disc to nta, 8% div broad blue chip exposu, page-11

I don't quite share that much optimism pussinboots but I am a holder. The problem is the size of the company is tiny and the staff's management fees, and all the admin costs etc do warrant a discount of at least 25pc IMO.
So much depends on the buyer of mr craig's stake. I think we will find out before the meeting because I assume the stake was bought by one party and they would be forced to disclose very shortly.
Correct it can not be via company buyback as mentioned above. It could however farooq or connections effectively getting his stranglehold back on the company getting back up close to 50pc again. This would be a major negative as they will continue to give themselves pay rises without as much opposition and sit on their backsides overseeing a stake in MEO and a large cap managed fund. Pretty easy job that.
Ideally a new buyer has come in bought the 5% off mr Craig. Then call a meeting and propose that the other shareholders block the latest plan (remember farooq interests can not vote at that meeting), and become the buyer then of the 8% stake. Once they have over 13% they can then push to wind up the company. Surely the 60% who own the rest are happy to wind this up if proposed?
I bought in originally at a discount well into the 40%'s and a larger company then, so we had mr craig's actions as a catalyst to return capital and dividends so it is hard for me to go too far wrong from here especially with MEO doing week.
To buy around now at 20c with a discount maybe of 30% is not as clear cut, but if a totally new buyer emerges with this 5% stake who will try to lift to 13% and then stick it up to current management then current levels may be good.
Unfortunately I think the probability is that the strange hold on company by management will be increased. Time will tell.
I can't really give too much benefit of the doubt to management though. The capital return etc was forced upon them pretty much I think, rather than from the goodness of their hearts!