Ann: IDX: Letter to Shareholders - Reject CAJ bid, page-6

This is from The Australian 6th Feb.


"It’s a fee for all.  It’s not clear what shareholders make of it, but the advisers certainly can’t complain about the Andrew Demetriou-chaired medical outfit Capitol Health’s tilt at its Helen Kurincic-chaired
rival Integral Diagnostics.

Capitol’s revised bidder’s statement shows the attempted takeover is a fee frenzy.

Demetriou’s investment bankers Rothschild (led by Gareth Cope) are being paid $5m, while his lawyers Allens’ fees have blown out from $469,713 to $898,660, his accountants’ RSM Corporate Australia have doubled from $76,000 to $150,000, and Avenue Advisory is scooping up $650,000 for financial advice.

All up that’s almost $7m worth of fees: big money for Capitol, which has a market cap of $217m (well below Integral’s $314m)."


Something tells me CAJ aren't returning to profit this year.