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Anyone attach significance to the appointment of a non-executive director, particularly at this juncture?
Does the move strengthen the Board and possibly ensure any buy out proceeds to fruition?
Perhaps a position of strength &/or informing HIG and other potential bidders that business is proceeding as normal, and we are not bothered if no formal offer is forthcoming.
Furthermore, any recruitment drive would've been in the proverbial pipeline months ago rather than a recent development?
The appointment perhaps comes with the blessing of HIG?
Am I reading too much into this?
Thoughts please.
PS
Definitely with you re Murphy's Law, Tep!
Deep.... I don't attach the slightest significance to the appointment of th new non exec. I remember reading something that
DX were going to appoint another and non execs are not limited to PLC's.. Private companies can have them so really it seems a business need regardless of what may happen to DX.
It won't make any difference regarding the HIG offer. The boards only involvement would be to recommend or not make the recommendation to shareholders. The shareholders decide !
What struck me in the figures ws the £1.6m cost in legal and advisory fees for corporate governace issue. (Exclusive of the settlement to Tuffnells) Confirmation in my view of the staggering ineptitude of the previous board who are set to very well rewarded if the HIG offer goes ahead is accepted. Mind you reward for poor performance and failure is pretty common in this country so I've grown to accept it. !!
Much obliged Ports.
Clearly I was reading too much into the new appointment.
Having perused the results, and as a number of contributors have already commented, the figures are mighty impressive with a clear belief that HIGs offer is somewhat paltry.
Moving on to the results, and primarily because of you having mentioned this previously Ports, tucked away under "Exceptional Items", I too picked up the £1.6M hammering in respect of the CG debacle with no mention of the Tuffnells settlement figure "without admission of any liability" of course!
Clear evidence of the previous Board's complacency and blatant illegal activities, which whilst it resulted in those responsible getting their deserved comeuppance, came at a considerable cost to shareholders, both financially and mentally.
So what's next!
The formalisation of HIGs 48.5p offer by no later than 9 October or slightly less if a 1p dividend is set to be paid out?
Seems rather pointless to pay a dividend if the amount is going to be reflected in any formal offer from HIG!
Perhaps a bidding war, which would be the icing, although I appreciate you believe that HIGs offer is a fair one, Ports!
Perhaps, although extremely unlikely, DX refuse a formal offer of 48.5p?
Watching this space with baited breath.
All's still very rosy in the garden.
Onwards and GLA.
My view dx should not sell for less than 66p... we get that after Xmas. I vote against
I take the point that some think the possible offer price is to low, but ultimately as well all know , any entity is only worth what people are prepared to pay for it regardless of any valuation metric. The people who need to know, know and I think if there was any other interest they would have shown their hand by now and it's getting late in the day so its unlikely but who knows.
Emotion really should be taken out of it about what we think it's worth, could be worth or should be worth. The board and two significant shareholders with their advisers will have considered the possible offer and have will come to the conclusion that it is fair offer for the business as it stands now. I for one don't know any better and hope it comes off.
Wise words Portswigger
I still can’t help wondering if there are other interested parties?
None of us were aware of previous refused bids until the RNS.
Were all those refused bids from the same person or are there others watching and waiting?
I suppose we don’t have long to wait to find out..
GLA.
Why 66p?
That was/is my exit point