General Comments / Chat, page-2723

Yes. Number of shares on issue is not an issue for the acquirer. They pay $XX Bn and how many shares/ SH are there is not their concern. That’s why the SH have to focus on how much % of the company they own rather than how many hundreds of thousands or millions of shares.

From a slightly different angle though it can be reflective of how management may be loose with their shares on issue, capital raising, treatment of SH, and how much the SP will move on good or bad news (volatility). Due to a very tight register Race benefits and equally loses when the SP moves in either direction. What is further important is who holds the shares and how frequently they trade it.

With Race, given a potential for an offer in the next 12 months or so you would hope the SH will consider CGT implications before they trade which can assist the sell side from being topped up.