"I note with interest the recent announcement by Portman’s American majority owner, Cleveland Cliffs, of an intended takeover offer to acquire the balance of Portman for a cash price of $21.50, despite Portman’s public statement just over a month ago that Cleveland Cliffs had not at that stage made any proposal to Portman to increase its interest in Portman to 100%. The takeover price is to be contrasted to the buy back offer made by Portman to its minority shareholders as recently as June at a price of $14.66 per share and the original takeover price offered by Cleveland Cliffs in 2005 of $3.40 per share (subsequently raised to $3.85 per share). The Cleveland Cliffs offer vindicates the stance taken by Portman minority shareholders to hold out for a full and fair cash offer for their shares. It is also consistent with the position taken by your Board that if Portman wish to seek to influence the operation of your Company (having acquired a substantial holding at an opportunistically low price as a result of the Opes Prime collapse) they should make a substantial cash offer to all shareholders."
Why on earth would you include this 'note of interest' in an update of this kind. Could there be a PMM takeover on the cards which would include a substantial premium.
GWR Price at posting:
$1.27 Sentiment: Buy Disclosure: Held
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