RE: Crazy thought14 Oct 2022 17:56
Rangers
My view is that a deal was in place for CA 29%, or all of HUR. I can't see any other rational for CA announcing it expected a 60p dividend payable to it's SHs by end Sept. And I agree it makes sense that if something derailed it, a prime candidate is P8 approval refusal. Like you I believe approval adds value, notwithstanding P8 costs, as upside risk far outweighs downside risk.
The question begged is - how hard did HUR try to obtain P8 'comfort' from the NSTA? Alternatively did the NSTA provide sufficient 'comfort' to HUR (ie. as much as it could at this time, and which would have sufficed for any other company) but 'ultra-cautious' HUR decide that it was not sufficient? Put another way - if you were the chief execs of HUR (CEO & CFO - the 'negotiators'), facing the probability/ possibility of losing your positions upon takeover or 29% purchase by new major shareholder, how easy would it be to 'decide' that the NSTA had not provided enough 'comfort'? The RNS language was woolly & unspecific. It stated only that HUR believed P8 would comply with all regulations, and merely INFERRED that the NSTA believed it would not. It did not specifically explain how 2 apparently contradictory views differed.
The past conduct of both chief execs make the above questions squarely legitimate. Also, even if ethics have been observed, how much faith should one place in our chief execs having conducted the process competently?
I fully accept that the chief execs may have tried their hardest and that the fault lies with the NSTA. But given past conduct I am not prepared to accept such until the divergence between HUR & NSTA opinion is explained. They cannot both be correct in their view! One view must be faulty, with an identifiable reason.
We have done all we can to help the chief execs, should it's view be correct and it's reporting accurate. to have the issue revisited by the NSTA. At some point however, sadly we need to press HUR for specifics as to how and why it's view differs from the NSTA.
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