Current situation16 Feb 2026 15:01
We’re now very close to the 23 February vote on the 28p JCC offer. The shares are trading just below that level, which suggests the market is largely expecting completion at 28p. While no competing proposal has been announced to date, the position remains open until the Scheme becomes effective (currently expected 4 March). Under the Takeover Code, a firm competing offer could still emerge prior to that point. As ever in corporate situations, timing can be decisive. From here, the position is essentially event driven. A superior proposal or new material developments would clearly be positive. If the Scheme were not to proceed, there would likely be short term volatility as the market re-prices the standalone position but, importantly, shareholders would still retain ownership of the underlying assets and their longer term potential.
Personally, I remain surprised that no Western counterproposal has materialised since the firm JCC bid. That said, I am not opposed to a transaction with JCC in principle. If the price more fully reflected the scale and long term potential of the asset base, I would be open to supporting it. At 28p, however, I do not believe that value is adequately captured, which is why I have voted No and do not intend to change that vote.
Others may reasonably prefer certainty at this level, and that is entirely valid. Ultimately, each shareholder must decide based on their own volatility tolerance and time horizon. The important thing is to vote.
Solgsmallshareholders’ email has recently received some interesting information relating to the offer price and related matters, which we are currently reviewing alongside other topics. If you have information that you believe could be relevant, please feel free to share it solgsmallshareholders@gmail.com
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