Agree with you Dan. Their own multiple should be applied to FY20 earnings plus a bump in dividend as permitted by franking credit availability. ANZ has been known to pre-pay their tax bill, surely the IBC can take up this cause.
Apex will not mind the increase to $1.15 as they've already bought their interest. Management will not mind as they are rolling plus their debt elimination bonus. So PEP investors have to pay up for the 60% which isn't rolling (plus the dividend component for the rolling class).
Roughly $7.5m more to non-rollers (90/150m shares *(($1.15-$1.01)).
That's one quarter of FY20 earnings. Fair seeing that this deal is now being pushed back to appease the PEP and APEX cabal whilst they are earning income on our capital.
What were the contact details of this elusive IBC?
ZEN Price at posting:
96.0¢ Sentiment: Buy Disclosure: Held
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