MIN - Conference Call, page-30

From experience, a revised offer will be made as long as we continue to let our feelings known.

About 7 years ago, I was holding CER (Centro Retail), which was solvent but its sister company Centro Properties was insolvent and debt holders were to take equity in the company.

As it made sense for the two to become the one entity, the debt holders in conjunction with the CER CEO approved a certain no of CER shares in the new entity for every one held. This understated the NTA of CER considerably.
The CER CEO kept reinforcing that we needed to approve or else liquidators would come in over CNP, which would be a lose lose situation for all. We said well the debt holders are going to be the biggest losers of all so bad luck for them.

It was only in the week before the scheme meeting that they realised it wasn’t going to get up so we were offered 10% more. Newspaper columns quoted some of our comments from HC as well. Anyway it would all be in the archives on here if you want to see but it is imperative we stay the course as it is a joke that MIN could be buying us out for less than a p/e of 1.

Even if they increase their bid by 3 fold, they will still be getting a massive return on equity.