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Ann: Investor Roadshow Presentation, page-77

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Pbnewby

6,872 Posts.

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25/09/15

23:50

Post #: 16064546
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Originally posted by Autosime ↑

This is why I believe Stokes would prefer a TO of DLS. His inv in BPt dollar wise was a lot more than DLS. DLS share holders would struggle to see the value other than synergies which although significant not enough. I doubt stokes invested so much in these two companies to extract synergies. If BPT take out DLS , at some stage in the future he can take out BPT and wrap up nexus assets together. Very hard to take over both together and I think very hard to convince DLS shareholders to merge without a decent premium. I think 70-80 cents is were a deal will be done and I truly believe Cole coming back to BPT is for this purpose . Like the Roc / HZN proposed merger , even if a merger is proposed , a real bidder could emerge to take out the more valuable company .
My only thought is do I buy more in preparation for what I expect . I think the market would still approve a merger by rearing both by 10-15% but the true ST upside for DLS is a TO.

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Why would he invest in both though and then do nothing?
Surely at these levels now he can come in and scoop up cheap to finish whatever he first set out to do - or was he just gambling on the poo and doesn't want to take a loss?

I still think these guys need to make their own luck.

DLS Price at posting: 50.0¢ Sentiment: Buy Disclosure: Held
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