Maybe, but as they only have 19%, I think the Buyer will get across the 50% plus one threshold to win the day. Cinch will then be a minority shareholder. Perhaps they will be happy with that, but I doubt it.
Robust in the sense that profits and divis are up. But in reality LLOY is in decline, as deposits, loans and NAV reduce yet again, more so when adjusted for inflation.
Can find no announcement from the Acquirer that they have withdrawn their offer, though clearly it has failed at the current price. Another 10p should do it.
But Cinch only hold 3% now, so do not see how they alone can block scheme of arrangement requiring 75% approval to compulsorily purchase the holdouts. And of course the acquirer could go for a simple resolution just requiring 50% plus 1 approval, but then has to get to 90% acceptances to compulsorily purchase the holdouts.
But who has been buying and why are excellent questions.
Perhaps I have misread the RNS, but I could find no value put on the liability in the accounts. The transaction value was £3m, which is something totally different.
They have taken huge hits on tax (despite the losses) and pensions (despite parcelling out a lot of risk to an insurance company). Totally unclear to me if this is kitchen sinking or just unintelligible accounting.
It seems odd that a Trading Statement (in reality a turnover statement) was issued at all after the April Year End given that they will have to publish their full numbers soon.