The big risk to JBL looks to me as if the door is still remains open to someone else making a 'trump' bid or play for PLA? Perhaps that is holding the share price back for now?
The risk cuts both ways. I kinda like what I see of JBL/PLA merged and wouldn't mind hanging in for the ride, rather than get bought out completely on the cheep.
JBL Management have paid a big concession to Macquarie Bank. Issuing shares at 9p instead of 12p - no wonder Macquarie took as much as they did!
Gus
1 for 2.6, page-18
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