He used to have a pretty big MLX position iirc and eventually...

He used to have a pretty big MLX position iirc and eventually sold out when it seemed like the company was never going to make use of its capital, his timing was incredibly unfortunate as I think it was only a few weeks later that they announced the buyback and caused a massive rerate from high 20s to mid 30s (even if yes the buyback subsequently didn't actually run for the rest of the quarter). I was happy to wait as investing is not my job and I can afford to be very time-insensitive, but I can't fault his analysis or his conclusion, and he was open about the fact that one day the value from the cash pile would be unlocked, he just didn't know when. He's an activist investor as well and he made the point that MLX is very resilient to activism, the board can do what they please, which kind of defeats the point of being in it as an activist. edit: forgot to say, if you want to listen to the episode it's a Money of Mine episode w/ him from around the time just before the buyback announcement i think

And yeah, this bid doesn't seem like it could ever have gone through, seems more like a deliberate way to point out "hey, look, before getting frozen these guys were actually valued by the market at HK$0.28c!" to anchor expectations lower. Something like the HK$0.43c price the day before is a more sensible place to actually consider as a starting point in terms of valuation; in terms of raw value, the buyout 'removes' all the discount on Greentech caused by crappy management and one's shared being locked up and even magnifies value from MLX now going to 90% ownership, so Greentech shareholders would demand a slice of all this created value, even if we are technically "rescuing" them from those problems.

My view is that MLX mgmt have shown themselves to be magnificently patient to the point of it being frustrating even when it later turns out they were right to act as they did; as such, I don't think this deal will proceed very quickly. I think MLX will drag it out and play extreme hardball with Greentech the same way they play hardball with their own buyback, to see how long those shareholders are willing to hold out with their money in a company so poorly run that it's currently frozen.

Even at the cost of Jeremy's crown jewels, I hope I'm wrong and this thing somehow gets accepted by fed up shareholders in the 30s! But seems like a long shot. Today I sold most of my short term position i added at 40-40.5 in august, hoping to re-add it if MLX price creeps back down to near that point again... Am still irresponsibly overweight this company with my main position regardless