MTI think there are a couple of issues playing on investor's...

MT

I think there are a couple of issues playing on investor's minds.

First is that while there has been an announcement of an unsolicitored bid for AZZ assets, there has been no details as to what form the the bid might take.

Generally when a bid is made, some idea of dollars is also included. It is rare for a suitor to say I want your assets but provide no details as to what I want to pay for them.

Having said that, it is likely that the suitor may want to conduct a due diligence on the assets before committing to a price, which would be reasonable but creates uncertainty in some investor's minds.

The second is whether the bid (if succesful) is for the assets or the company (and whether it will be scrip for scrip, or cash). The announcement said "assets" and in my view this would be of lesser advantage as a shareholder than a bid for the company.

But it might be just as likely that a final bid is made for the company.

Both bid scenarios (asset or company) will have different value propositions for different shareholders and perhaps we are seeing a sell down by those that consider an asset bid to be an inferior outcome.

I personally am still very comfortable with AZZ at the moment and happy to wait the final outcome.

As stated before, James has a lot riding on this and will be working very hard to get the best value outcome.