Ann: Greencross enters into Scheme Implementation Agreement, page-28

Agree the share price is not where it should be. (as in should be lower if no further bid)

Assuming the offer price of $5.55, current share price plus franking credits from 21c dividend, (worth about 6c), and settlement as suggested in 2019 Q2, then it's only about 8% annualized return.

Reasoning - I'm thinking either the shorts are buying back driving prices up, or the market thinks we might get counter bid.


Thoughts?