for those who accepted the ptn offer for llp

This is a post I placed today on the LLP post.

I would be interested to hear any comments from PTN shareholders.
MDT (in which I have shares) are doing a similar "strategic review".
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If you accepted the PTN offer, you may be shaking your heads now.

The PTN offer for 40% of our LLP units closed on 28 November 2008.

On 15 December 2008, PTN made a MAJOR announcement that they were going to engage in a "strategic" review of PTN.

The announcement says:
"This review is expected to complete in early January and will canvas merger options, stapling options and, importantly, the sale of some or all assets and the making of a capital return to our unitholders."

You cannot get a more major move by a company than a "review" which could invilve the liquidation of ALL of the assets of the company !!

MY QUESTION IS:
At the time of the purchase of those LLP units from the LLP shareholders, did the directors of PTN know, or have a reasonable expectation, that they were going to conduct this review ???!!!

If I had sold my units in LLP to PTN I would be spewing!

Because the PTN you exchanged your LLP units for, is now expected to be a very different animal than the one you thought you were getting !!

The point is, that there is only about 2 weeks from the time the bid closed, to the time the directors of PTN announced that they could potentially liquidate the assets of PTN.

So there is no way that this major, major decision to conduct a strategic review was only thought of in the two weeks between the close of the bid and 15 Dec. They MUST have had reasonable knowledge of this prior to close of the bid.

cheers