Ann: Tesserent enters into Scheme Implementation Deed with Thales, page-126

The Thales offer featured in "small caps" today, but this quote from Geoff Lord caught my eye :

Attractive premium

Tesserent chairman Geoff Lord recommended shareholders vote in favour of the scheme of arrangement due to its attractive premium, certainty of value and limited conditions.

“[This deal] represents a significant premium to Tesserent’s recent share price, it reflects an enterprise value of $232 million which is up 35 times from $6.6 million in 2019 and it provides an opportunity for our shareholders to realise their investment in full for cash,” he said.

Of course the enterprise value is much higher than the current market cap, or the MC at takeover (@13c MC=$175m) because TNT has a large debt on its books. Shareholders won't receive the value of $232m, they'll get ~$175m. So this is statement is highly misleading, basically BS. The difference in the numbers, the current debt, thus appears to be $57m.

All IMHO, DYOR