todha takeover offer, page-11

Hamilton Securities must be getting desperate - unsurprisingly, a low take up of the offer & now a new mail shot to investors. Holders have apparently taken the view that the swap into what seems to me to be the even less desirable option of non voting and thus far unquoted shares has no value without realisation of the assets & that if the properties are sold, they would probably be better off continuing to hold direct rather than having the spoils diluted by HS. If HS believe there is value to be added by their insertion, why not just make a cash offer for the Debentures? The receivers have indeed declined to make a recommendation against, but that is arguably more an issue of liability, and anyone reading the defence document will no doubt take a view of their real thoughts on the pros & cons.

Nevertheless, this sort of opportunism is bound to arise when the information flow from PWC is so tardy.