Dewhurst Share Price (DWHT)

Beautiful move today and 28,000% increase in volume haha

Careful with this one. Yet another shameful management on AIM. They are essentially offering to buy just enough stock at a premium to take them over the necessary threshold to enable a delisting. You will be left with an essentially worthless investment except any they pay you for. They may then complete a force out and take your remaining shares on the cheap when the SP has been trashed. This was always the risk here that a nice family company doesn’t behave like one.

To complete a takeover, PE would only have to buy a majority of the voting shares; the others are irrelevant. Given the voting shares are all effectively held by the family, a takeover will never happen. The only reason to buy here is for the dividend.

Clouds that will remain for quite some time

seems no need to rush to buy either...perhaps the As will flirt with £4 (4% real div yield so well covered might be impossible to ignore!)

I did look into this, and I think there is precedent for a buyer to pay less for the non-voting; I think they work out what the average discount has been to the voting shares (eg over the preceeding 3-6 months) and adjust the bid price for the voting shares accordingly. From memory I think there was something like this with DMGT when Rothermere delisted it?

But I think the divis are the same for both, so higher yield on the non-voting. So basically buy the non-voting if the discount is larger than historically, or the voting if not I guess?

Strange that the voting is off by 12% today vs only 4% for the non-voting... Can see why it's off though - yes shares are cheap but there are definitely some clouds on the horizon that they noted in their outlook statement...