We would love to hear your thoughts about our site and services, please take our survey here.
Well, Ports, my target is 68, yours is grab whatever you can get from this possible offer. That's explains a lot
Yes, sure... I was not particularly trying to reply to you, just pointing out some greedy DX major shareholders can't wait to sell
Back =buck, just in case it isn't clear
Kino situation seems very different to me... The board was against the possible offer and access to due diligence was denied.... In common with DX seems to e both are possible under-offers. But our DX largest holders quoted in past posts seem very keen to make a quick back
My guess is this extension might be well be presented as further time needed by HIG for its due diligence (to adhere to protocol) but in reality to do with HIG either trying to find funds/backers or unable yet to organize their own structure in which to fit DX... The 48.5 is undisputed so far and HIG would not have gone into the extension if changed its mind about that
"If DX declares, makes or pays any dividend or distribution or other return of value or payment to its shareholders, H.I.G. reserves the right to make an equivalent reduction to the Possible Offer."
Any buyer buying any company would have that clause or something like that, to safeguard that in the time between the possible and the mandatory offer the company does not transfer capital/funds to shareholders. But what company board would be so foolish to abolish their dividend plans on a clause from a possible buyer who might not buy anyway? I would have accepted it as reasonable if it was to meet a mandatory offer but never a possible offer. Therefore for me the statement is saying HIG would reduce their possible offer to cover the dividend, so the mandatory offer would be 48.5 minus 1p dividend... Any variations from that would be based on other issues (("other return of value or payment to its shareholders")) and have nothing to do with the dividend
Ports.
your "I full expect it to be reduced in light of the dividend announcement.".... I find that intriguing... it seems you are assuming that either HIG did not know about the dividend or of DX's dividend plans or that they expected DX to drop their dvd plans in the light of their offer. My opinion diverges from all that. HIG were fully informed/knowing about DX's dividend plans prior their intentional offer, and that DX would not withdraw the dvd just to please a potential buyer who is not obliged to buy and might not buy at all... Therefore I would find it unlikely HIG would decide on a reduction of their offer based solely on DX's dividend announcement. Besides the dividend is ridiculously low to stand in the way of a serious buyer
That was/is my exit point
My view dx should not sell for less than 66p... we get that after Xmas. I vote against
I suspect HIG has already at hand all the due diligence needed, as I believe the all sorts of talks have been going on for some time well before their optional proposal. I am pondering now the reason has not been formal proposal as yet, as HIG might be waiting to play with the oncoming results: If results are great they will stick to the original offer: 2) if they're not so great they will lower their offer