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KKR PREPARES BID, page-9

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Boz2112

1,085 Posts.

49

30/03/17

09:32

Post #: 23728356
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Originally posted by Roy2U ↑

One thing is for sure, if KKR are seriously planning a takeover offer, they will be very thankful that Glaucus has targeted QIN.

Valuebuddy 89 is spot on with his valuation, in my opinion. I would even add additional value for the business of managing the forests for the other owners of the plantations, which KKR would continue managing. This aspect of QIN's business is a cracker: no possible competitors, locked in customers, growing forests etc. Management fees have increased by 60% in 2 years to June 2016 and continue to grow rapidly as forests expand and fee rises are implemented. What value would one put on such a business, which is already earning $28.8M revenue in FY16, and predicted $35M in FY17?

I am with JID here, and would be very disappointed with $1.70 in any takeover. All of those who contributed equity to develop this business are being short changed now that the business is within five years of maturity.

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That is why I hope the board will reject such an offer. The other point is the offer has to be so attractive as to overcome the shorters percentage - who gets to vote in this situation? Harder to get over 50% if they cant vote. Even harder if the shorters get to vote instead.

QIN Price at posting: $1.13 Sentiment: Buy Disclosure: Held
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