The idea that a deal is done on the basis of Enterprise Value, without compensating for the different levels of debt in the two companies, is ludicrous.
Specialist lenders Paragon Banking Group and OSB Group rose 4.9% and 3.62%, respectively, after a positive sector note from Panmure Gordon boosted sentiment, per ADVFN
This is the bizarre accounting required by International Accounting Standards whereby unrealised revaluation gains and losses go through comprehensive income. Underlying earnings are much more meaningful and are analysed in Note 6.
They only allocated £1 million, or less than 1%of the issue, to private shareholders, resulting in me getting a 25% allocation. This shows how much they value private investors. I will be selling my shares.