Imo there appears to be only one way to profit on XEL shares bought today.
It is not through trading, as has been pointed out earlier. At the time of this post the spread was shown at an enormous 32.06%.
To possibly make a profit a number of issues have to fall into place.
1. A 'no' vote succeeds
2. The BH do NOT immediately start legal proceedings to recover the security
3. The BH agree to re-negotiate the D4E terms
4. The BH agree to a much reduced number of shares and that normal equity holders will be left with substantially more than 5% of the new share structure.
5. An offer for the company then emerges that is in excess of £120 million.
If the above all happens then today's share buyers may make a profit. Without going over old ground; numbers worked earlier showed that an offer of 5% would approximately equate to a post dilution share price in the same ball park as we have had in recent days. Needs to be a significantly higher interest.
The obvious risks are that insufficient vote 'no' and that , even if 'no' won; the BH''s refuse to talk and take immediate enforcement action.
Its pretty high risk.
Anyone got an idea what percentage of equity is committed to 'no' so far?
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