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Looks like today will be a great day for MNZS - agreed to extend formal offer deadline until 30th March, and results looking great!!
If it's any consolation, the company's interim results will be released tomorrow. So that could be the clincher...
If MNZS performs fantastically well - I expect they'll remain attractive. If not, well...who knows?
Indeed the share price is tumbling! Which is a shame! I expect with certain geopolitical events - the company doesn't look like such a bargain (right now). We'll see, but indeed it's looking less promising....I was hoping for a RNS with the formal offer today...
@TomBeef - I think MNZS disclosed in the RNS that the offer is not final - though for all intents and purposes it can be considered as such, for NAS has said its their highest price, and the board has unanimously agreed to accept it.
However, per the RNS - NAS reserves the right to increase the price should a White Knight appear with a firm offer. Equally NAS reserves the right to lower the price should MNZS declare a dividend, whitewash transaction etc
With the news that the board will unanimously recommend the offer of 608 per share - do you feel there's much value left in holding?
It might take months for the deal to materialise - which in itself has opportunity cost.
The only real driver I can see for holding is the hopes of a white knight...
What are your thoughts?
I'm considering Evraz for next week, much depends on the Russia / Ukraine threat. Perhaps it will slide a little further next week - fingers crossed!
I actually feel bad for the management - not sure they could be faulted in recent years and here they are about to lose the company via a hostile takeover! It's a shame that the share price / company was so undervalued that it could practically be stolen.
Anyways - I guess we'll all walk away with a tidy profit. Definitely not how I saw this going two years ago.
I originally bought MNZS at 105 in early 2020 - with faith that the share price would make a come back. I'm somewhat twitchy about the next steps, but prepared to wait it out.
What do you feel is a fair or realistic offer, considering yesterday's turn of events? 625? 650? Though I would love for it to be 705 - I don't know if that's realistic. Would love to hear your thoughts.
Thanks! Sad times
What did the post say?
It've very disappointing that government policy protects commercial tenants at the expense of landlords - ignoring their own financial obligations. Worst still, this has been extended through to September.
I'd like to hope for some government intervention - but the complex structuring of the organisation, makes it very difficult to assist meaningfully...
I've gone back to read the May RNS, in which intu outlined their strategy to achieve "standstills" and various "agreements". It didn't seem to allude to the fact they required unanimous and unilateral agreement in order for the company to survive.
This might explain why their language remains inconclusive...perhaps in theory they could survive without standstill from CPPIB....however it would leave them so financially strapped that it would be pointless.
https://www.londonstockexchange.com/news-article/INTU/update-on-lender-discussions/14542999
Thanks for sharing!
It’s interesting, in 2017 CPPIB lent intu 250 million and it was indirectly secured by the Trafford centre.
I’d have thought that the Trafford centre was one of their highest value properties, and one for which the property valuation would experience least % change. With appropriate management, this centre shouldn’t be failing covenant testing - it must be horrifically over leveraged.
@crabtree
Whispers from? Is this wishful thinking?
Sorry that message was meant to say @taken4aride
@Tango28
I expect a share dilution…but given the low market cap & share price, I really wonder if that will be immediate, or at some future point when recovery is underway.
At c.60 million…it’s hardly an attraction right now.
It seems we'll be starting the day without an update on lender discussions, given its the penultimate day, I imagine the stock price is only moving one way...
Good luck all
Plus I imagine headlines like this will draw attention (good and bad). Not the sort of headlines the government needs.