What a joke, directors. Have you been offered inducements to sign on? Oh yes you have! I want to know what else those voting in favour are getting that other shareholders do not get! Maybe they just want a more liquid position to exit.
And shareholders get stuck in a poorly performing conglomerate that is marginal with very little margin of safety in earnings.
1. DDH has margins about 5 times higher than PRN, and a multiples higher ROA and ROE.
2. Nobody is giving PRN non-recourse lending these days so the next downturn might well wipe them out.
3. Reliance on African operations, where one mine going down with much of PRN's invested capital trapped inside is a torpedo on the SP.
Vote no. Only a 17.4% premium when the stock is in the toilet and severely undervalued by the market.
Is there something that hasn't been disclosed? Such a garbage offer! I hope there is an AGM before this dodgy deal is consummated.
All IMO
DDH Price at posting:
86.0¢ Sentiment: Buy Disclosure: Held
