Takeover28 Dec 2012 12:29
I still don't get the spread bet piece either, I am no doubt being dumb (ducks before they flame me!)
Here's my logic:
There are 416,000,000 shares in issue. ORA and IP2IPO own 265,000,000 of these shares.
For this they paid: 2.65 million
If they have to buy the remaining shares at 15p (the previous 52 week high) that would be 151,000,000 * 0.15 = £22,650,000
Which brings me to my point, if that is their intention, why not come in at DDay and say... "We'll give you all 20p a share" at the time there were 86,215,662 shares in issue... @ 20p they would have paid £17,243,132
We would have snapped their hand off!
I'm going to stick my neck out and say out right ownership is not what they're after but they are happy to hoover up shares and be as near to 30% as possible.
'Ducks for cover'