That's the plan IMO. Not a new plan, he's been ruthless but smart. He just needs to rebid maybe 30-40% higher from 6 months when the bid expires. He only needs 14% roughly of the SOI to have 100% so if he bids $1 for the rest he's only paying $20-30 million more for a company that used to give him well over $15 million each dividend in more normal times. Then there is a lot more synergies in terms of debt refinancing, lack of ASX complications and more by taking it private. (Less headaches from retail holders of course too )
That's part of the reason I've come to the party. For the life of me I just can't understand why retail holders and funds were willing to throw in the towel at 84 cents. As you may know I only recently purchased shares but I plan to hold them till September and beyond.
Let's make the most of the situation and ensure all shareholders get a fairer deal out of this.
PGH Price at posting:
84.5¢ Sentiment: None Disclosure: Not Held
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