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Knuttie, I have done exactly the same as you, sold some shares in BMN at 14p & bought BUR. The reason is that I believe BUR will climb quicker than BMN. My plan is then to sell BUR & re-invest in BMN. I believe many long term holders have done similar things which has played its part in reducing BMN's share price, which is unfortunate .
I cannot get my head around the owners of a business deliberately wanting a lower share price. The only explanation I can see is that they or connected parties want to purchase shares on the cheap. It shows that the owners could not care less about its shareholders.
I stand to be corrected, but I estimate that BMN have a minimum of $80m in cash currently. So, even after Vanchem is paid, it should have over $50m. With a market capitalisation of only £300m, it seems extremely under valued.
To potentially safeguard thousands of jobs, I'm sure the EU will find a way around it. A bit like banks having to sell parts of their business within a certain time frame.
If Fosun buy Thomas Cook for say 30p (£500m approx) with a promise to sell the airline in a year, it seems like they would be getting a bargain, as they can still use the tax losses of £1.3 billion, or am I missing something ?