Ann: WAM Capital announces takeover bid for amaysim Australia Ltd, page-6

I am holder of both WAM and AYS
I believe that this is not fair deal and offer for AYS, because as result of mobile business sell to optus AYS promise to distribute $0.695 per share as a one off special dividends.
My understanding of WAM offer that they will simply hold this amount in a WAM's pocket . Please fix me, if I am wrong.
As a WAM holder I am happy , as an AYS - I am NOT happy.


The Amaysim Australia Ltd (ASX: AYS) and the WAM Capital Limited (ASX: WAM) share prices will be ones to watch this morning as details emerge of a takeover bid. Both companies announced an deal for WAM to acquire all of Amaysim’s ordinary shares, subject to the sale of Amaysim’s mobile business to Optus.The Amaysim share price closed at 73 cents yesterday and is up 2.4% to 76 cents at the time of trading, while WAM closed at $2.25 and is trading flat at the same price today. Details of the takeover bidAmaysim shareholders will have the choice of accepting the offer in cash, scrip, or a combination of both.The cash offer stands at 69.5 cents per Amaysim share. The scrip meanwhile, is for 1 new WAM share for every 2.7 Amaysim shares, representing a value of 8.33 cents.As mentioned, this offer is subject to the sale of Amaysim’s mobile business to Optus, which was announced on 2 November and is expected to be completed shortly after 1 February 2021.WAM management says the scrip offer will benefit its shareholders with shares issued at a premium to the underlying net tangible assets (NTA), which are accretive to WAM’s pre-tax NTA.Amaysim Management meanwhile, says that its shareholders would receive distributions of approximately 69.5 cents per share from this deal and the Optus sale, after transaction costs.The Amaysim’s board has recommended that all of its shareholders accept the offer from WAM.Why is Amaysim selling itselfAmaysim is Australia’s leading low-cost mobile network reseller, known as the mobile virtual network operators (MVNO). It has 1.19 million subscribers or about 35% of Australia’s MVNO market.The company’s 10-year wholesale contract is due to expire in June 2022, which prompted the company to put itself in the market.In November, Optus offered $250 million to Amaysim’s shareholders to purchase its mobile business. The proposal was submitted to the ACCC for review, and has been given the green light by the competition watchdog.However, analysts believe that the proposal from Optus is unorthodox – as it wants to only buy the 1.19 million Amaysim customers and not take over the entire mobile business. This means that Amaysim management must use about $100 million of the proceeds to wind up the company, leaving shareholders with only $150 million from that transaction.Amaysim shareholders are due to vote on the Optus deal in January 2021.About the WAM share price and the Amaysim share priceThe WAM share price has come back full circle, back to where it started at the beginning of January after losing 35% of its value in March and dropping to its 52-week low of $1.465.Meanwhile, the Amaysim share price has gained almost 90% on a year-to-date basis.

https://www.********.au/2020/12/15/amaysim-asx-ays-announces-takeover-as-it-prepares-to-delist/