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11/08/22
12:01
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Originally posted by bMAKE
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Further to my post earlier. I spoke extensively with Phillip from Georgeson this morning. He asked me if I was happy with the recent increase to the offer price. I said yes I'm happy to see the price lifted from 14.6 cents to 20.8 cents, however I've maintained our "No" votes on all 3 accounts to resolution 2 (takeover). I also discussed with him about the market credibility of the IER because of the tier 3 firm who conducted the analysis and valuation. There are question marks around whether they had sufficient capabilities and expertise to deliver a quality IE valuation and output that meets the benchmark standards set by tier 1 firms.
Phillip can see my professional credentials so we had an in-depth discussion around what might be my professional opinion around an underlying value that reasonably captures both the current state & reasonable future state of RAP. In a nutshell, 40 to 50 cents a share range should be the middle ground where RAP's current premium has been priced in, all holders S/T or L/T are winning. Yet plenty of headroom and ceiling for Pfizer to invest its expertise to extract further value from RAP acquisition and generate a positive M&A NPV over 3 to 5 years horizon. He was definitely typing away during our conversation, whether or not my inputs influence the conversation or dashboard he provides back to RAP or Pfizer, that's out of my control.
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It’s hardly an ideal situation when shareholders know far more about a Company’s value than its Board does. At least it will result in a better educated Board going forward.