It has dropped because Kinghorn is attempting to stop shareholders hanging in and holding out for a greater payday - "he will privatise the company if the buyback goes through". Typical RHG scaremongering although he might get away with it!
The Independent Expert's report doesn't even support the proposed deal despite management spin. How ridulous to try and treat franking credits as cash when trying to justify the buyout price.
RHG Price at posting:
88.1¢ Sentiment: LT Buy Disclosure: Held
