very undervalued with little risk, page-2

Lara,
there is a 10% share dilution, which means the $2 call is only paid by 90% of holders, so it is worth $1.80 NTA, and then the next $2 call is worth only $1.80 again, so that is why the discount is factored in by the mkt. sp has been sold down by those not willing to hold for 2 further payments.When calculating the return on buy + hold for 2 years the returns are not much.
Currently no companies want to sell themselves too cheaply as there is so much liquidity in the market, so no bargains to be had. Moving off shore not that rosier either. AEQ likely to just buy undervalued co, make a bid and then sell at a trading profit as per BCA. Market not expecting any big coup to occur with Wattyl either.