Member Info for BadNewInvestor

Until a few minutes ago, the 52 week high had been 415.2 which was achieved intra-day on 6 November 2024.

According to Interactive Investor, about 15 minutes ago they hit 417.8.

London and South East whose prices and dealings are delayed by about 15 minutes is currently showing a 52 week high of 417.5, and it has shown a purchase of 100 shares at 08:27 at 417.5 and a sale of 123 shares at 08:30 at just over 417.5.

As I said in my comment on Wednesday 16 April:

1. In the days leading up to Montagu's announcement on 27 March, AMS didn't close below 196p. On 26 March they closed at 198.6.

2. I'd missed the chance to buy at, close to, or even below, 180 on Wednesday 9 April when AMS hit its 52 week low of 177, so bearing in mind Montagu's imminent put-up-or-shut-up deadline just three days after Easter Monday I decided to buy on Tuesday 15 April when the price was about 190. I paid 189.38.

3. I was content to get in at nearly 10p less than the closing price of 198.6 on 26 March which was the day before Montagu's announcement.

4. In the last 5 years AMS had rarely closed below 187p. It seems that they closed below 187 only at times in September and October 2023 and in March and April 2024, on Wednesday 9 April and on Friday 11 April. My view was that the floor for AMS shares is about 185 so if Montagu were to announce that they won't be making an offer, no other potential bidder emerges, and the share price falls as a consequence, my downside was limited.

5. Nevertheless, I'd have been able to buy last Wednesday for less than what I'd paid for my shares last Tuesday.

I said in my comment last Wednesday that the floor for AMS is about 185 but on the following day (Thursday 17 April) they closed down 5.4p at 182.6 on modest trading volume.

Like everyone else, I'm looking forward to see how things play out this week. All other things being equal:

- If, as DARTRON thinks, Montagu's P-U-O-S-U deadline is extended, the AMS share price should rise a bit.

- If Montagu say they don't intend to make an offer, the shares are likley to fall a few pence.

- If Montagu have proposed a takeover price which the AMS board has rejected, the share price ought to rise at least a few pence unless Montagu say that they're pulling out.

- If Montagu have proposed a takeover at a price and on other terms which the AMS board is prepared to recommend to shareholders, the share price ought to rise significantly.

Which scenario is it going to be?

At 7 am tomorrow (Thursday) Sainsburys announce their full year results for their grocery and Argos businesses.

Sainsbury's figures are unlikely to have have a bearing on the MKS share price unless they are worse than expected. However, any downbeat comments in the accompanying statements from Sainsbury's chief executive and/or from their chairman (e.g. consumers struggling against inflation and cost of living headwinds, or cost pressures arising from the NI and minimum wage increases, or a downwards revision of growth prospects) are likely to spook the market and/or adversely affect investor sentiment for the retail sector as a whole which is what happened initially when Asda's figures were announced last month, in which case the share prices of other food retailers including MKS will probably be marked down tomorrow morning.

In addition, Dunelm issue a trading statement at 7 am tomorrow. Anything downbeat could similarly spook the market and/or adversely affect sentiment for the retail sector.

If MKS do fall tomorrow, profit taking after yesterday's close above 400p might be a factor in addition to any adverse reaction to Sainsburys results. Any MKS fall might is likely to be short-lived because (all other things being equal) I expect them to continue rising in anticipation of bumper annual results when they report on 21 May.

In my comment last Wednesday 9 April I asked for an explanation for the significant drop in the share price from about 11:20 am that day. Despite already being aware of the latest announcements re: USA tariffs on pharmaceuticals when I wrote that comment, I'd failed to join the dots by linking the announcements to AMS which of course operates in the medical sector. I thank DARTRON and MAJWandCo. for their comments later that day which joined the dots for me.

I've been following AMS shares closely since 27 March when Montagu Private Equity issued an annoucement confirming that it was considering a possible all-cash offer for AMS.

Naturally I didn't want to miss out on a probable large uplift in the share price in the event of an announcement being made that Montagu are making a takeover proposal for AMS. Although Montagu's put-up-or-shut-up deadline is 5 pm on Thursday 24 April, there is no reason why an announcement could not be made before this deadline and with the clock ticking, the window of opportunity to buy some AMS before any such announcement has been diminishing.

I've done some research on AMS and I've looked at its share price chart for the last five years. It's a strong business with good prospects in a sector which is almost recession-proof and which is attractive to potential predators. As well as Montagu's current interest, on 17 September 2024 Mark Kleinman of Sky News reported at https://news.sky.com/story/london-listed-medical-group-ams-draws-private-equity-interest-13216821 that private equity groups including Inflexion had been looking at the compnay. Whilst the unaudited preliminary results for the year to 31 December 2024 show a decrease in reported profit before tax, this was due to acquisition and integration costs.

In the last 5 years the shares have rarely closed below 187p. It seems that they closed below 187 only at times in September and October 2023 and in March and April 2024, and of course last Wednesday 9 April and last Friday 11 April. In the days leading up to Montagu's announcement on 27 March AMS did not close below 196p. On 26 March they closed at 198.6.

I missed the opportunity to buy at closer to, or even below, 180 last Wednesday when AMS hit its 52 week low of 177. I decided to buy yesterday when the price was about 190. Late in the afternoon I set a buy limit order at 189.8 which was filled at 189.38.

I am content to get in at nearly 10p less than the closing price of 198.6 on 26 March which was the day before Montagu's announcement. My view is that if in the next few days Montagu announce that they will not be making an offer, no other potential bidder emerges and the share price falls as a consequence, my downside is limited. I believe that the floor for the shares is about 185.

Ironically, AMS has been down all day today so I could have bought cheaper today. The most recent trade was eleven minutes ago at 1:17pm at 184.4. Moments ago the spread was 184.2 to 185.2.

According to Interactive Investor, MKS closed at its high for today which was 404.1, up 10.8 but they have also subsequently displayed closing prices of 404.1 up 9.612, 401.6 up 8.3 and 402.2 up 8.9.

I've previously commented either on the London and South East chat page for MKS or on one of their chat pages for a different company that Interactive Investor's closing prices and their calculations of percentage gains and losses and of portfolio values are unreliable until after 8 pm on the relevant trading day.

The closing price which popped up on London and South East at 4:50 pm is 404.1, up 10.8.

On the basis of this price or any of the alternatives which Interactive Investor has been generating since about 4:36pm, today is the highest close for at least 5 years. The next highest was 400.2 on 3 December 2024.

Recently DEBSDOWNER has been commenting a lot on the ADVFN chat page for MKS. He or she added a comment there at 16:15 today saying:

"Breached £4 lets hope it remains above £4 and now on 7 year high."

If DEBSDOWNER is right, today's close is the highest for 7 years.

Further to my comments here at 14:21 and 14:51 today, at today's closing price of 404.1 I'm up just under 6.4% on what I paid on 8 January 2025 which was of 379.8 inclusive of transaction costs.

My comment at 14:21 today reported that yesterday was the first time since I bought at 377.8p on 8 January 2025 that I was showing a gain on the closing price.

FFORESTGWMP's observation "just seen £4 flash up" in his comment at 14:07 today has taken the words right out of my mouth. About ten minutes ago the spread was 399.9 to 400.2 and there had been a trade at 400.1021. Between 14:09 and 14: 16 there were several trades at or above 400. Moments ago the spread was 399.4 to 399.6.

The last times MKS was at or above 400 intra-day were 6 November 2024 (415.2), 3 December 2024, possibly also on 13 December 2024, and on or about 3 January. As far as I can see, the only time in the last five years that MKS has closed above 400 was on 3 December 2024 at 400.2.

There might be some resistance which prevents MKS from closing at or above 400 for a few days.

MKS announce their 2024 annual results on Wednesday 21 May. Everybody expects these results to be very good so, in the absence of any seriously adverse macro-economic or micro-economic news, the share price ought to continue to rise steadily as the announcement day approaches.

Last month there was a discussion here as to when MKS would hit 400. My comment here at 09:15 on 27 March 2025 included the following:

"Last week, on Monday 17th March. MKS closed at 320.7, giving rise to a discussion as too if and when the price will recover to 400. I quote from BURGESB's comment at 22:11 that day: "The SP will bounce back to 400 p levels before 31/03/25. Time to but if you have funds". This led FENDER5 to ask him at 22:31 if he was suggesting that MKS will recover from a 320 close that day and jump to 400 in less than 2 weeks.

At 15:17 on Tuesday 18th March when MKS were trading a little higher at about 329 BURGESB said:

"400 p is possible if it give on an average 2% increase every day. On compounding basis the price will reach 400 p. Just last week the price was 376 p and the stock price has reached 412 p in Jan".

In the 8 trading days (including today) from 17th March, MKS are up 26.3 from 320.7 to 347 moments ago. This rise isn't the compounded 2% per day which BURGESB had in mind but it is a very creditable average of about 3.3p per day.

I strongly recommend everyone to hold MKS until its full year results announcement which, if I remember correctly, is due in May."

Finally, BURGESB must be vey happy right now unless he sold MKS before the start of this week.

In my comment at 14:35 on 4 March 2025 I pointed out that that MKS was at its highest since I paid 377.8p on 8 January 2025. Repeating parts of that comment:

1. I'd bought at 377.8 hoping of a material gain of something like 15p (about 5%) to 25p (about 7%) on and/or shortly after their holiday period trading announcement on 9th January but despite the excellent figures they closed that day down 32.5p at 345.3 and on 27th January they closed at 319.3 which meant that I was down about 15% or 16% after taking my transaction costs (mainly stamp duty) into account.

2. At the close on the previous day, 3 March 2025, MKS were up 9.9p (2.79%) at 364.7p (after being as high as 367.4 shortly before 3:10 pm) and I was down only 3.98% on my purchase price (inclusive of transaction costs).

Since 4th March the price has of course fluctuated. Occasionally I'd been in profit on an intra-day basis but my gain had never been more than about 0.75%, but the closing price had never been high enough to show a gain on paper since I bought on 8 January.

Last Friday (11 April) MKS closed up 9.4 at 377 and another great rise of another 15.6p yesterday (Monday 14 April) meant that for the first time I had a gain at the closing price. My gain on paper at yesterday's close was 3.55%.

And MKS is up again today ...

Bearing in mind a possible all-cash takeover from Montagu, I can't understand why AMS has fallen so much since about 11:20 am today. The only RNS announcements today are all forms 8.3 but I haven't had a chance to look at them yet. If any of them disclose that a big shareholder has sold a significant quantity of shares, that might explain some of today's share price fall.

At the current price of 179.4 they're significantly lower (down about 17 or 20p) than their price on the days before Montagu announced their interest on 27 March 2025. Does anybody know why?

Montagu's put-up-or-shut-up deadline is 5 pm on Thursday 24 April 2025.

Due to the limit on the number of characters in a each comment, the final block of text in my previous comment at 15:08 wsa cut. It should say:

"But might a takeover approach be announced tomorrrow?"

In the last few days the trend for most shares is strongly down due to the tariff wars. The reason for the rise in TT since about 10:30 today must be the RNS which they issued at 10:08 from which I quote:

"Further to the announcement on 7 March 2025, TT Electronics plc ... announces it will release its final results for the year ended 31 December 2024 on Thursday 10 April at 0700hrs."

I've watched TT for several months, and particularly since 15 November 2024 when Volex announced a takeover proposal. TT predictably fell after Volex decided not to proceed.

The announcement on 25 February that publication of TT's accounts was delayed didn't cause the price to crash but certainly put me off buying any TT shares. This announcement said that they continue to expect good adjusted operating profit progress relative to 2024 but there were red flags, e.g. the comment that there is likely to be a non-cash accounting impairment of goodwill and fixed assets for North America of up to £35 million as well as a prior year results adjustment of up to £6 million in relation to the Cleveland site due to the previously disclosed downturn in components demand and operational execution challenges in North America.

ADASTRA, apparently a big fan of TT as an investment and potential bid target, has made many very optimistic comments in the last few months but I'm not sure with the suggestion in his comment at 07:47 on 25 February that the share price has been driven down in anticipation of predators being able to pounce.

The big unknown is whether anything adverse has come up pending completion of the prolonged audit process, e.g. more goodwill impairments.

There was a TR-1 major holding announcement via RNS at 13:04 today. Last Friday 4 April a big TT big shareholder connected with the Douglas Bay private equity firm crossed the 8% ownership threshhold. This is the recent Douglas Bay history:

13 December 2024 - Douglas Bay crossed the 5% threshhold and held 5.01%

19 December 2024 - they crossed the 6% threshhold and held 6.65%

13 March 2025 - they crossed the 8% threshhold and hold 8.89%

Some time ago BlackRock held 9.91% of TT which they have reduced as follows:

6 February 2025 - BlackRock reduced from 9.91% to 5.75%

7 February 2025 - they reduced from 5.75% to 5.61%

20 February 2025 - they reduced from 5.61% to below 5%.

All of these percentages are the aggregate of their voting rights attached to shares and their voting rights through financial instruments.

Despite the recent big increase in the Douglas Bay holding I'm almost certainly going to sit on the sideline rather than buying any TT shares today in the hope of making a quick overnight profit because of the risk of more nasties in tomorrow's 2024 results annoucement. Even if there's something very positive in the results, the share price might not go up much if at all due to the big turbulence in the market at the moment.

But might a takeover approach be announced tomo

EIGHTYEIGHT88 -

Yes. As I said in my comment below at 10:22 today, this morning Interactive Investor credited my account with the dividend payment of 0.84p per share due today.

Further to my comment at 10:22, I sold for 47.5076p per share at 11:06 after missing the opportunity to sell at 47.72, at 47.64 and at 47.54 as the spread and the sale price fell.

As I said in my comment at 10:22, I predict that AGR share price will continue to dribble down unless PHP improve significantly on their current offer.

Moments ago the spread had dropped again to 47.48 to 47.54 so I feel that selling twenty minutes ago was the right thing to do. I've locked in my profit in turbulent market conditions and I'm not upset that I missed out on another 0.5% of profit by not selling about an hour ago when I'd have got 47.72 per share.

I now have cash to deploy elsewhere to try to make more money in the period from now until later in the AGR takeover process than if I continue to hold AGR.

Of course the AGR bid situation might evolve in such a way that I'm tempted to buy back into AGR.

Taking all my dealing costs into account, my gain in about six and a half weeks is just over 7.108 %. Including the AGR dividend received today (but disregarding income tax on it) my gain is just over 9%.

I'll now sign off in the same way as FFORESTGWMP who regularly comments on London and South East chat page for Marks and Spencer (and if I remember correctly on the chat pages for other shares too):

GLA.

I guess it's FFORESTGWMP's abbreviation for "good luck all".

I bought AGR in two tranches on 21 February 2025, a few days after bid speculation in the media led to the first offical announcement of KKR's approach which had led to AGR's share price rising. I paid 44.084p per share for the first tranche and 44.075 p per share for the second one. Although I suspected the share price to drop a bit pending more concrete news, I bought when I did due to the fear of missing out on a rise in the event of another announcement about KKR's approach coming through sooner than expected if the dialogue between KKR and the AGR were to move on very quickly.

AGR's share price did indeed drop after I bought. I'd have paid about 42p in the week after I bought and could have got my shares for close to 40p another week later.

My purchase costs average at 44.3362p per share inclusive of dealing costs.

A few minutes ago the AGR spread was 47.72 to 47.76. At a selling price of 47.72 and ignoring Interactive Investor's modest selling fee of about £5, I'm up 7.632% in the six and a half weeks that I've held AGR. Interactive Investor has credited my dividend of 0.84p per share to my account this morning. Including my dividend I'm up about 9.527% ignoring the income tax on my dividend.

If I'd postponed my purchases by a few days, buying cheaper would have meant that my gain would be higher but, as people always say, a profit is a profit and any profit is far better than a loss.

I quote from THEGOODDRH's comment at 8:34am today:

"Now we')/ really see just how much PHP really want AGR and also their resources available for any improved offer."

AGR's share price is likely to dribble down a bit in the next few weeks unless PHP improve significantly on their current offer. I leave it others to say whether PHP have the capacity to improve their offer enough to make it more compelling than the KKR/Stonepeak consortium's offer.

AGR's share price is likely to dribble down a bit in the next few weeks unless PHP do improve significantly on their current offer. I'll probably bail out of AGR shortly, and possibly later today, to crystallise my profit. This avoids the risk of KKR/Stonepeak pulling out or reducing their offer price if there's a dramatic adverse change in market conditions due, for example, to the tariff wars escalating dramatically. This risk is probably very small because KKR/Stonepeak have a medium to long term view and will benefit from interest rate falls people are expecting. However, if I sell AGR shortly I'll be able to deploy the cash elsewhere which might make more money for me in the period from now until later in the AGR takeover process than if I continue to hold AGR.

I'm considering buying Advanced Medical Solutions (AMS) shares. AMS is a potential bid target due to an announcement on 27 March that Montagu Private Equity LLP is considering a possible offer. Montagu's put-up-or-shut-up deadline is 5 pm on Thursday 24 April 2025.

Announced via RNS at 7:27 am today:

Assura have recommended shareholders to accept the KKR/Stonepeak offer of 49.4 p per share. This is inclusive of the dividend of 0.84p per share which we shareholders receive today - as others have said, this element of the offer is somewhat disingenuous because even if there were no takeover offer we were already entitled to the dividend which had been declared several weeks ago.

The recommended offer is worth 48.56p net of the dividend.

The takeover will proceed by way of a scheme of arrangement to be approved by shareholders and the court.

As PETERG40 pointed out in his comment at 7:24 am, there was an earlier announcement via RNS at 7 am today. I quote its key elements:

"Under the terms of the PHP Proposal, Assura shareholders would receive 0.3848 new PHP shares and 9.08 pence in cash for each Assura share.

The Board has considered the PHP Proposal carefully with its advisers and concluded that it is not at a level that is sufficient to be recommended to shareholders. The Board has therefore rejected the PHP Proposal unanimously.

There can be no certainty that any firm offer will be made by PHP.

This announcement is made without the consent of PHP."

Do people think that PHP could match or improve on the KKR/Stonepeak offer? And if they can, would they go hostile and mak a formal counter-bid?

Usually announcements either that predators are withdrawing or that they are making a formal offer for the target are made before the market opens on the day of the put-up-or-shut-up deadline rather than in the afternoon just before the absolute deadline of 5 pm. Accordingly, we're likely to find out what the KKR/Stonepeak consortium are doing at or shortly after 7 am on Friday. There are just two more trading days to go!

It's possible that an extension of the consortium's put-up-or-shut-up deadline is announced because more time is needed, for example to enable them to complete their due diligence and/or to enable the lawyers to prepare formal offer documents.

I'll have to check if the Takeover Panel rules allow for the extension of one bidder's put-up-or-shut-up-deadline if another bidder gets an extension. I'll have to check the rules. If an extension is allowed in such circumstances, the consortium might be given an extension simply because of the extension to PHP's put-up-or-shut-up deadline which Assura announced yesterday.

According to yesterday's announcement, PHP's deadline has been extended to 5 pm on 5 May 2025. However, this is a bank holiday Monday so we can probably expect an announcement about PHP's proposal by 7 am on Friday 2 May.

I remind everyone of this extract from Assura's announcement yesterday:

"The Board's objective is to maximise value for Assura shareholders. The Board will therefore continue to share due diligence materials, and to hold due diligence meetings, with PHP as it has done since 14 March 2025.

The Board remains in discussions with Kohlberg Kravis Roberts & Co. Partners L.L.P. ("KKR") and Stonepeak Partners (UK) LLP ("Stonepeak") (together, the "Consortium") regarding a possible cash offer for the Company ("Possible Cash Offer").

There can be no certainty that any firm offer will be made by the Consortium, by PHP or by any other party."

The Asian marekts closed up, the European markets are recovering and the Dow, S&P and Nasdaq futures are up between about 1.2% and 1.9%. Reflecting these developments, AGR's share price is recovering nicely today on modest volume. Moments ago the spread was 45.36 to 45.46 and the most recent trade was at 45.46, up 1.46 (3.32%) on yesterday's close.

The KKR /Stonepeak consortium's put-up-or-shut-up deadline is 5 pm this Friday 11 April. If they announce that they are making a formal cash offer at the level of their latest proposal which is 48.56 per share (net of the dividend which we receive tomorrow), we can expect AGR's shares to go back up to about 47.25 which is where they were last Thursday 3 April after the announcement of PHP's improved shares and cash proposal was made. My prediction of AGR's share price in this scenario does of course depend on there being no adverse developments in the tariff war.

If the consortium don't pull out, I don't expect them to lower their propsoed offer below the 48.56p per share of their latest proposal.

Assura issued a RNS announcement at 2:45 pm today. Since the announcement Assura's shares have gone up about 3.5%. Moments ago they were about 45.50. According to Interactive Investor, their low so far today is 42.00 and the high is 46.08. In the last few minutes, PHP moved into positive territory for the first time today.

Whilst the Dow, the S&P and Nadaq were all been down 3% or more when they opened, the fact that they are picking up is helping. Indeed, the S&P and Nasdaq are both currently in positive territory.

I quote the key parts of Assura's RNS announcement at 2:45 pm today:

"As announced on 3 April 2025 ... Assura ... received a revised indicative proposal from ... PHP ... on 3 April 2025 regarding a possible share and cash offer for the Company (the "PHP Proposal"). The Board is in the process of carefully considering the PHP Proposal with its advisers.

In order to facilitate ongoing engagement with PHP, the Board has requested, and the Takeover Panel has granted, an extension of the current deadline of 5pm ... on 7 April 2025 by which time PHP was required either to announce a firm intention to make an offer for Assura ... or to announce that it did not intend to make an offer for Assura ... (the "PUSU Deadline").

Consequently, ... PHP is now required by no later than 5pm (London time) on 5 May 2025, either to announce a firm intention to make an offer for Assura ... or to announce that it does not intend to make an offer for Assura, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. The revised deadline may only be extended at the request of the Board and with the consent of the Takeover Panel.

The Board's objective is to maximise value for Assura shareholders. The Board will therefore continue to share due diligence materials, and to hold due diligence meetings, with PHP as it has done since 14 March 2025.

The Board remains in discussions with Kohlberg Kravis Roberts & Co. Partners L.L.P. ("KKR") and Stonepeak Partners (UK) LLP ("Stonepeak") (together, the "Consortium") regarding a possible cash offer for the Company ("Possible Cash Offer").

There can be no certainty that any firm offer will be made by the Consortium, by PHP or by any other party.

A further announcement will be made as appropriate.

This announcement is made without the consent of PHP or the Consortium."

Assura issued a RNS announcement at 2:45 pm today. Since the announcement Assura's shares have gone up about 3.5%. Moments ago they were about 45.50. According to Interactive Investor, their low so far today is 42.00 and the high is 46.08. In the last few minutes, PHP moved into positive territory for the first time today.

Whilst the Dow, the S&P and Nadaq were all been down 3% or more when they opened, the fact that they are picking up is helping. Indeed, the S&P and Nasdaq are both currently in positive territory.

I quote the key parts of Assura's RNS announcement at 2:45 pm today:

"As announced on 3 April 2025 ... Assura ... received a revised indicative proposal from ... PHP ... on 3 April 2025 regarding a possible share and cash offer for the Company (the "PHP Proposal"). The Board is in the process of carefully considering the PHP Proposal with its advisers.

In order to facilitate ongoing engagement with PHP, the Board has requested, and the Takeover Panel has granted, an extension of the current deadline of 5pm ... on 7 April 2025 by which time PHP was required either to announce a firm intention to make an offer for Assura ... or to announce that it did not intend to make an offer for Assura ... (the "PUSU Deadline").

Consequently, ... PHP is now required by no later than 5pm (London time) on 5 May 2025, either to announce a firm intention to make an offer for Assura ... or to announce that it does not intend to make an offer for Assura, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. The revised deadline may only be extended at the request of the Board and with the consent of the Takeover Panel.

The Board's objective is to maximise value for Assura shareholders. The Board will therefore continue to share due diligence materials, and to hold due diligence meetings, with PHP as it has done since 14 March 2025.

The Board remains in discussions with Kohlberg Kravis Roberts & Co. Partners L.L.P. ("KKR") and Stonepeak Partners (UK) LLP ("Stonepeak") (together, the "Consortium") regarding a possible cash offer for the Company ("Possible Cash Offer").

There can be no certainty that any firm offer will be made by the Consortium, by PHP or by any other party.

A further announcement will be made as appropriate.

This announcement is made without the consent of PHP or the Consortium."

I remind everybody that PHP's put-up-or-shut-up deadline is 5 pm today, 7 April 2025 and the KKR/Stonepeak consortium put-up-or-shut-up deadline is 5 pm this Friday 11 April 2025. Before the relevant deadlines expire PHP or, as the case may be, the consortium must either announce a firm intention to make an offer for Assura or announce that it does not intend to make an offer. Put-up-or-shut-up deadlines can be extended only with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Takeover Code.

Last Thursday 3 April PHP annouced an offer of 0.3848 new PHP share plus 9.08 pence in cash for each Assura share. Later on 3 April Assura's board announced that it was reviewing PHP's proposal with its advisers in light of the board's objective to maximise value for shareholders, and a further announcement will be made as appropriate. This further announcement is awaited.

On 10 March 2025 Assura's board had announced that they would be prepared to recommend a formal offer from the KKR/Stonepeak consortium at their increased level of 48.56p (net of the dividend being paid this week) in cash per Assura share.

At PHP's closing price of 97.1 last Thursday, their offer was worth just over 46.44p per Assura share. Moments ago PHP shares were about 92.7p. At this price, PHP's proposal is worth just over 44.75p per Assura share.

Due to the current market turmoil, if either PHP of the consortium do intend to make a formal offer, will the terms be less favourable than the ones which they respectively annonced on 10 March and 3 April?

I remind everybody that PHP's put-up-or-shut-up deadline is 5 pm today, 7 April 2025 and the KKR/Stonepeak consortium put-up-or-shut-up deadline is 5 pm this Friday 11 April 2025. Before the relevant deadlines expire PHP or, as the case may be, the consortium must either announce a firm intention to make an offer for Assura or announce that it does not intend to make an offer. Put-up-or-shut-up deadlines can be extended only with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Takeover Code.

On Thursday 3 April PHP announced an offer of 0.3848 new PHP share plus 9.08 pence in cash for each Assura share. Later on 3 April Assura's board announced that it was reviewing PHP's proposal with its advisers in light of the board's objective to maximise value for shareholders, and a further announcement will be made as appropriate. This further announcement is awaited.

On 10 March 2025 Assura's board had announced that they would be prepared to recommend a formal offer from the KKR/Stonepeak consortium at their increased level of 48.56p (net of the dividend being paid this week) in cash per Assura share.

At PHP's closing price of 97.1 last Thursday, their offer was worth just over 46.44p per Assura share. Moments ago PHP shares were about 92.7p. At this price, PHP's proposal is worth just over 44.75p per Assura share.

Due to the current market turmoil, if either PHP of the consortium do intend to make a formal offer, will the terms be less favourable than the ones which they respectively annonced on 10 March and 3 April?