Goes down anymore and what is not to like? It will be a 40% pop when the deal closes. So people are selling now because they are only going to get 0.25 for their shares in a business that just got a strong partner with huge access to distribution as opposed to .30 for a management buyout which had no upside optionality.
It is easy to say that management has kept us in the dark and not looked out for the shareholders, but lets not forget that management and those close to management are the largest shareholders by far.
Things to keep thinking about:
1) Apollo is very reputable and is hugely incentivized to raise AUM.
2) This arrangement will allow them to take down debt, if debt is taken down I can't imagine they won't return to dividends.
3) Management and Apollo (if it closes) will not be selling their shares.
I wish this thing was at .40 right now just as much as the next guy. However, I think this now has a chance to get back to pre-GFC levels whereas two weeks ago that was not going to happen.
first impression, page-14
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Last
$1.74 |
Change
-0.065(3.60%) |
Mkt cap ! $850.2M | |||
| Open | High | Low | Value | Volume |
| $1.81 | $1.81 | $1.73 | $282.3K | 161.8K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 4979 | $1.74 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.76 | 1540 | 1 |
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| Last trade - 16.10pm 02/09/2024 (20 minute delay) ? |
| NGI (ASX) Chart |