Ann: Scheme Implementation Update - 2nd Court Hearing Adjournment, page-17

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31/08/21

11:49

Post #: 55709078
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Originally posted by Crocee: ↑

There can only be two issues I believe.The Israeli withholding tax issue or a Material Adverse Event.But if it was a Material Adverse Event, this would have needed to be disclosed by 8am yesterday and DTS put in trading halt yesterday morning.
It can’t be a superior bid.Shareholders have voted last week to sell to Yum Brands. Yum Brands now own DTS.They just need to pay the consideration and Advanced Share Registry (The Paying Agent) needs to pay 23.5c to shareholders or 75% of 23.5c to those that can’t prove that they are exempt from the 25% Israeli withholding tax.
As I said last week, I believe page 17 is causing problems.I think this is the reason for the Court adjournment simply from a process of elimination.Unless someone can think of another viable reason.
Look at the market depth now.I suspect that the price will drop when it comes back on.I have three buy orders at 22.5c and I willeither pull them back or cancel them.The Scheme Booklet should have been delayed until the Israeli withholding tax issue was sorted.And once they found out therewas a serious issue, DTS should have delayed the 23^rd Aug vote, or at least issued an ASX announcement explaining what the issue is so the market can trade in an informed and orderly way.

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Technically, YUM doesn't own DTS because the scheme hasn't received court approval. But most likely it's an issue re israeli witholding tax. I don't suppose anyone tuned into the federal court hearing yesterday? Wonder if we could get a transcript..

DTS Price at posting: 23.0¢ Sentiment: None Disclosure: Held
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