ARIX.L Share Price (ARIX)

Just wonder what the "loss of office" ££££ were ?

Agree RTW seem a much better manager.

Glad the U.S. Vultures came out worst than ordinary holders.

2nd vote passed as expected (97.84%)

https://www.londonstockexchange.com/news-article/ARIX/scheme-effective/16328759

I, for one, welcome our new RTW overlords.

Final comparison:

RTW(Bid) $1.38 x 1.4633 x 79.2p/$ = 159.9p ARIX

or perhaps more usefully now:

ARIX 143p / 79.2p/$ / 1.4633 = $1.234 RTW

$1.38 = $1.234 + 11.8%

No significant impact yet on the RTW SP, but let's see what happens tomorrow when the new shares arrive on the scene.

Moving over to the RTW board now I suppose. See you all there? GLA

Small correction: "$500k" should be "$500m" obviously.

That's a good list. I've also been trying to convince myself I'm missing something here, but I haven't been able to, so I've been accumulating these over the past two weeks in the expectation of reasonably easy gain (famous last words !!).

Fully expecting a small pull back on RTW with ARIX holders selling immediately after conversion, but expect that to be short lived.

Last day of Arix trading, and the SP mismatch still persists. I've tried hard to come up with ideas why this might be so, and here's a few theories:

1. The market cap is too small for institutional investors to get involved. They often impose a minimum limit on themselves. (As an aside, the merged company will have a mcap above $500k, which might bring it onto the radar for some IIs. Hopefully the liquidity might improve too.)

2. Cautious retail investors (e.g. the sort that invest in funds rather than individual companies) think there's no such thing as a free lunch, if it looks too good to be true...

3. Less cautious retail investors aren't interested in making a few percent profit, however nailed on it looks. They're far to busy trying to multibag with HE1 and the likes.

4. Fear of a post-merger sell-off by ex-Arix holders. If this happens, it might be better to hold back cash to take advantage.

5. $/£ exchange rate risk, or just not wanting to hold $-denominated shares.

6. Some retail platforms may not support RTW shares. HL does. Fidelity will give partial support - it will let people hold the acquired RTW shares and sell them in due course, but not buy new ones. Those are the only two I know about.

7. Worry that the second vote won't achieve the required 75%. This seems unlikely given the 92.22% in the first vote. (It's amusing that in theory RTW could get cold feet and use their 25.5% to scupper the deal themselves! But they've RNS'd undertakings to vote in favour.)

I'm not really convinced by any of these, can someone else do better?! GLA