re: Ann: Valad Investor Presentation - Cash A... Hopefully...

re: Ann: Valad Investor Presentation - Cash A... Hopefully something like this happens for VPG as it did for AVE. I can see why the high volume buyers are there at close to the offer price with a revised price offering relatively significant short term upside with very little risk.

$1.50 to $1.80 is a 20% revision.....cant blame SGP for trying it on in the first instance though.


3 August 2010
Company Announcements Office
Australian Securities Exchange
Level 4, 20 Bridge Street
Sydney NSW 2000
Aevum rejects Stockland?s unsolicited takeover offer
Aevum notes the announcement from Stockland Corporation Limited on 2 August 2010 in relation to an unsolicited cash takeover offer for Aevum at $1.50 per share.
Aevum?s Board have rejected the offer and strongly believe that Stockland's offer is highly opportunistic and significantly undervalues Aevum. In particular, Aevum notes that Stockland?s offer price of $1.50 cash per share:
? Is at a significant discount to Aevum?s NTA per share;
? Does not reflect the strategic value of Aevum?s business given it is one of the largest pure retirement living and aged care companies listed on the ASX and has a significant presence in NSW;
? Does not reflect the fact that Stockland would derive substantial synergies from the proposed acquisition; and
? Is highly opportunistic in light of Aevum?s recent significant profitability and operating cash flow upgrade, well performing recent merger with IOR and in light of Aevum?s strong operating cash flow potential;
Aevum?s upcoming FY10 results announcement will confirm that the business is performing strongly.
Aevum continues to advise shareholders to take no action in relation to Stockland?s offer.
Aevum has appointed Greenhill Caliburn as its financial adviser and Minter Ellison as its legal adviser in relation to Stockland?s offer.
Graham Lenzner Steve Mann
Chairman Managing Director


Then this:


13 September 2010
ASX/Media Release
STOCKLAND RAISES ITS CASH OFFER FOR AEVUM AND DECLARES
ITS OFFER UNCONDITIONAL AND FINAL
Stockland today increased its all-cash off-market Offer to acquire Aevum and declared
its bid unconditional and final.
Aevum shareholders who accept Stockland?s increased Offer before 30 September
2010 will now receive a cash payment of $1.80 per share, which will be made within
three business days of receipt of their acceptance.
The total value of $1.80 per share comprises an increased Offer price of $1.77 per
share plus the benefit of Aevum?s 3c per share final dividend.
Stockland Managing Director, Matthew Quinn, said: ?Retirement Living is a key part of
Stockland's growth strategy and Aevum would add to our geographic diversity.
?However, we remain disciplined in our approach to all acquisitions and the total Offer
value of $1.80 per share represents great value for Aevum investors while remaining
accretive for Stockland shareholders.?
Given the relative size of the two companies, if Stockland acquires 100% of Aevum at
the increased Offer value, proforma net gearing would increase from 18% at 30 June
2010 to around 20%; the transaction would remain EPS neutral in FY11 and
approximately 2% accretive in FY12.
Mr Quinn said Stockland met with Aevum today and put forward its increased Offer.
?We attempted to engage the Aevum Board in constructive dialogue and we asked
them to accept what is clearly a compelling Offer. However, the Aevum Board decided
to reject that Offer,? Mr Quinn said.
The Offer is scheduled to close on 30 September 2010. Stockland reserves the right
to extend the Offer Period.