Not stressed at all, I'm actually a new holder who bought in specifically because of this situation. I got in due to this failed takeover attempt. From the machinations I am seeing, I think that Somers wants the equipment finance book for Resimac's plans to build its equipment finance division. I expect that a new offer will be placed. If not, Thorn's tangible assets are above MC anyway, so it de-risks the play quite a bit.
Looking at the fact that Thorn's fair value is above what was offered and the current price, I see this as a good asset play and think there is a reasonable chance they get picked up for a bit of a premium (thinking around the 30c mark) or otherwise a turnaround play as a back-up as their radio rentals store closures was a brilliant, but bold move that needed to be taken.
TGA Price at posting:
19.0¢ Sentiment: Hold Disclosure: Held
