the letter from the Chairman of LLP did not seem to provide anything new. He still did not give any real reasons as to why the LLP Board unanimously recommended the LLC offer of 31c. He said they would provide reasons later.
My issue is that there have been literally millions of LLP shares traded on the basis of the unanimous recommendation - but for no good reason other than the price! And the price is recommended because it is a whisker above the net tangible asset backing - so does not take into account the growth prospects of LLP.
Why didn't the Directors simply not provide any recommendation, and advise the LLP sh to wait for the Indep Expert Report, to see if the offer was Fair and Reasonable to the minority sh?
By recommending the offer beforehand, you can bet they won't want to lose face when the Indep Expert Report is finally issued.
LLP Price at posting:
30.0¢ Sentiment: None Disclosure: Held
