Equals Gp Share Price (EQLS)

Sort of get the feeling nothing is going to happen

As the market moves and equals continues to test the patience…

Let’s see what the 15th brings, it needs to bring a significant offer otherwise the board are in for a tough session at the AGM….

I do hope the board have got this …….. I beginning to feel that they could be naive at best and at worst just looking for a payout in the hope ….

Agreed the 21st AGM will be interesting, especially if we get another extension! On another point I do like the economic calendar on the website, saving selecting days on this site.

https://equalsmoney.com/economic-calendar

When the market is moving this is a tough hold … The 6 months lag on deal or no deal is not helpful for the market or pi’s…

It will be an interesting next week with the AGM and 15th of May looming - I hope the board have got this…

From ADVFN

Rule 2.8 of the Takeover Code provides that a person who makes a statement that they do not intend to make a bid for a company will be bound by that statement and precluded from bidding for six months, (although there are certain provisions to allow them to do so).

FleetCor, now renamed Corpay, announced their intention to not bid for Equals on 3 November 2023 which means they could re-enter with a bid in a few days on 3 May 2024, i.e. this Friday (or anytime thereafter).

The aforementioned 'certain provisions' is a very low bar to overcome and in reality Corpay could have made an offer anytime over the last six months. The fact they have not done so suggests they really have no interest in Equals, unless of course the yet-to-be announced bids are low ball offers in which case they may take an interest.

However... These following links come from Corpay's/FleetCor 'Newsroom' website

hTTps://www.corpay.com/corporate-newsroom?page=2&limit=10&years=&categories=&search=

18 March 2024

hTTps://fleetcor.gcs-web.com/static-files/55d9f576-40c4-459a-a1e0-aec5e6aa9bad

'FLEETCOR Technologies [NYSE:FLT]...is targeting buys in the B2B cross-border payments space and finds especially attractive founder-controlled firms that have reached a certain level of maturity or sponsor-controlled assets that have been held for five to six years, said Mark Frey, group president of

Corpay Cross-Border Solutions, a division of FLEETCOR.'

15 March 2024:

hTTps://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/fleetcor-says-bigger-is-better-when-it-comes-to-corporate-payments-m-a-80843302

'Fleetcor Technologies Inc. will pursue large acquisitions to help build its three core payments businesses, which it decided to keep together after conducting an extensive strategic review, said Steve Greene, the company's executive vice president of corporate development and strategy.

A priority in its M&A strategy is to accelerate the growth in corporate payments, Greene said. Fleetcor has solutions automating the workflow around how companies handle account payables (AP), including payment processing, so it is interested in high growth, profitable companies in AP automation. Payments companies that serve corporates' needs in cross-border payments are also of interest, he added.

Fleetcor has over $1.3 billion in capital to deploy for accretive M&A

Fleetcor would like to keep the cash flow leverage ratio below 3x, and could afford transactions in low single-digit billions without needing to issue new equity, Greene said.'

18 March 2024

hxxps://fleetcor.gcs-web.com/static-files/55d9f576-40c4-459a-a1e0-aec5e6aa9bad

'The company will focus acquisitions across the board on existing geographies of the US, Brazil, the UK

and mainland Europe, looking to penetrate “deeper, not wider,” Greene said.'

So it appears Corpay has had a recent strategic review and are now looking seriously at M&A activity. It appears Equa