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What level would a cash offer be made at per share?
What would the "run off" value be per share?
"As announced in the Group's most recent update to the market on 8 September 2020 it is expected that transition of the Group's investment management contract to WAM will be completed as soon as practicable. Discussions regarding a possible cash offer by WAM are also ongoing.
Since 30 June the Group has continued to reduce leverage and increase its liquidity. This pattern is expected to continue in the light of continued market uncertainty resulting from the COVID-19 pandemic and pending the change of investment manager.
If a cash offer for the Group is not completed the Board expects to recommend to shareholders that the Group's investment policy is changed to provide for a controlled run-off of the Group's assets and return of capital to shareholders. Any change of investment policy will be subject to shareholder approval."
What does will this mean for the share price?
Interesting comment in the Half Year report -
"If a cash offer for the Group is not completed the Board expects to recommend to shareholders that the Group's investment policy is changed to provide for a controlled run-off of the Group's assets and return of capital to shareholders".
So they don't intend to continue with the company even if the current bid isn't completed.
No commitment, you're an embarrassment,
Yes, an embarrassment, a living endorsement.
The intention that you have booked,
Was an intention that was overlooked.
720.00 22.00 3.15% 720.00 734.00
Actually getting 706 to sell.
Sounds to me like they are locked in a room with three doors and don't know how to open any of them. Should any of those involved actually be running a company ?
Great RNS - they are planning to wind up the Trust and realise full value.
Should increase substantially in the meantime the share buyback programme.
Yes it appears so but find it difficult to believe a reputable house behave so.
The unilateral dividend announcement after they knew a bid was being considered is not good and could be construed as trying to force the hand of the Board.
Maybe the best way out of this is to wind up the Trust over the next 18 months as the loans are paid down. Then shareholders get the full NAV.
Yes it seems pretty poor behaviour. Is the issue that PSC don't want the deal to go ahead as they will lose the Management role?
Will the offer survive this nonsense ?
Hope so but SP down substantially this morning reflecting worries about what happens if the bid doesn’t materialise.
I suppose Pollen Street can’t disclose borrowers’ Confidential financial information to 3rd parties.
Let's hope so, we have until 24th march to find out
Still at a discount to NAV though. And dodgy dealings at our management company.
Any increase on 900p ?
at 8% premium, RNS doesn't appear here yet, Waterfall Asset Mgt
Odd that I bought some of these as dividend income and yet, here they are with some capital gains as well ...