re: last chance - Not sure about you, but from my glance at the SEL rejection of the CIY offer the reasons given are basically rubbish. I understand the 2 primary reasons were:
(1) the "increase" in issued capital
(2) the decrease in share price since the offer
Ok, regardless of whether CIY is currently undervalued of not the 2nd point does have some merit as, on paper at least, the value of the offer has decreased. Albeit I'm sure the directors can see that the share price of CIY is undemanding and arguably as cheap as they are saying the SEL share price is.
However, the first reason is total rubbish. The directors might as well have said they were not aware that CIY had a good number of well in the money options. Exercised or not the only way to value CIY was with exercised options!
I can only think that, despite the apparent agreement on the arrangement before the offer, the directors got cold feet and were looking for any reason to change their mind.
MJS
re: last chance - Not sure about you, but from my glance at the...
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