Ann: Trading Halt, page-64

So APX receives and unsolicited and non-binding offer at $9.50 cash per share, about 48% above previous close. They announce it before market opens and watch the SP skyrocketing. Then, after t/o has calmed, at 2.15 they request a trading halt, at 4.56 they announce a revocation on the deal.

1. Revocation of the announced take over - that quickly - doesn't look good for management.
2. Announcing the take over and not requesting a trading halt at the same time doesn't look good either.

Any which way one cuts it, this episode looks very clumsy. IR seriously cannot expect to be loved by the market if they perform these shenanigans. Apart from a weaker outlook (materially lower EBITDA for 1st HY) tempered with a "significantly skewed 2nd HY; this is kind of management code for the near reality is bad, but hey the future is bright.

Appen and its management have been toyed with.

Those shareholders who didn't want to sell in the first place should be happy; they can load up much cheaper on Friday on a share with an DCF value of $16.95. It's just Telus can't see it; just wants to play around; didn't get the finance (really?)

There will be a lot of explaining and spinning tomorrow.