I was thinking the same lol. They are lucky to even have 45.6 k shares trading hand everyday by insto's nominee account to make sure this stock floating.
The real story is that, from the top 200 holders, almost top 175 holders been holding back their shares to secure 10% blocking power. What a poor view from IBC to assess the daily turnover to recommend shareholders to accept into the offer. They didn't mention that the 10% blocking power under the
LAW is needed to keep this stock float and avoid CA. Together, top 3 holders up here have
8.49%, plus other top holders have around
1.7% and so it is around
10.2 %. Insto's nominee accounts have around 1.2% so practically only
1.12% or even lesser volumes are flying around right now.
From a trader view, in my opinion, they would look into the turnover hands to assess daily moving average, but under the takeover bid, I don't see how this theory appropriate and IBC is addressing to
shareholders here not traders, hello? Why don't you mention the substantial holder's holding (Manipur and its associates) and the Court hearing in upcoming July? How about the possibility of 10% blocking power
(that is real right now)?
In regards to the business updates, the revenue is down by 19 millions and ebit and ebitda rose suggest to me that they are out of loss situation. It happened to my workplace right now too, their revenue went down last quarter but gross profit up and before long, I heard that their revenues is recovering right now. Plus, in the letter, Qenos doesn't look like they are putting any loss on Pact either.
I think the IBC made a poor judgment by basing themselves on trader's views, ahead of share holders interest and the 10% blocking power availability under the law.
Hold! My opinion. DYOR!
(20min delay)