Due diligence on Belluscura28 Dec 2023 18:18
Logic says to invest in TMTA with minute overheads and 17.15p a share cash on deposit assets as opposed to Belluscura needing cash to meet demand.
The offer of 3 Belluscura shares for 4 TMTA initially valued TMTA at 21p share which was a decent risk premium. The fall in BELL to 22p means that each TMTA is only being valued at 16.5p which is laughably less than its NAV.
I'm pretty sure that the offer doc delay is due to TMTA doing its due diligence and wanting to see concrete evidence of progress and sales. Once that has been established then the transaction should quickly follow.