Ann: HUM - hummgroup financial position update, page-49

given that around 63% is held by the top 20 I don’t think that was the tadpoles voting -it was people like Tammin and other institutions voting no in order to pressure LFS for a better price. They fully intended to change their votes to yes at the last minute as they perceived the value of the merger. That is why they were so outraged when the deal was pulled - presumably JW decided he no longer liked the deal given the decline in LFS’ price.

To me it looks like two big egos both thinking they knew the best outcome and refusing to give in. As a result the tadpoles are left with a trashed price.

when the deal was first mooted it gave a notional value of 68c + commercial of say 50c so close to $1.20 - what chance of getting our price to that in the foreseeable future.

People bang on about how much LFS’ price has declined, but view our decline as ridiculous. Well, just maybe both declines are ridiculous and if the deal had been done long term it would have delivered value. Of course that required people to hold their shares, for anyone planning to immediately dump, it would have crystallised a big loss.

The board (all of them) have behaved like muppets and I just hope that AA after destroying the only deal on offer really does have a plan - If that involves DS let’s hope it isn’t some pathetic offer of 80c.