Yes, very correct that you only get one chance to sell an asset and I agree that the Board should be very focused on the longer term, and not the short term (appropriately balanced by price certainty that comes with a takeover against risks in delivering longer term - SaaS implementation is a perfect example). However, debt position is getting harder with higher interest rates (and growing debt) and the trading update is in the wrong direction. The longer this drags out the more concern I have - this is a distraction if they are going to focus on delivery for the longer term, and it is adding to their costs. $3M in expenses relating to the offer for the period to 31 March 2023. This is probably growing significantly.
The Board needs to make a recommendation one way or the other - this is far too long. If there is a due diligence issue, time to fess up.
UMG Price at posting:
$4.36 Sentiment: Hold Disclosure: Held
