I'm so excited and I just can't hide it! Umm, not really. It's a bit hard to get excited about a tin pot company's script takeover of another tin pot company.
Personally, I'd rather we went our merry way on our own bcos I prefer our upside to theirs. This is a manouevre that suits the acquisitive BPT bcos it will probably give it effective control of ADE after their recent agreement to increase it's holding in ADE to 19.95% and as SNE's largest holder of around 60% it would be the biggest beneficiary of ADE shares to SNE holders. Looks a bit sneaky to me!
Our MD Hec will probably ride off into the sun with his saddle bags containing on my guess around $1mm in payout(3 year contract) of our funds and be welcome home again at BPT, nice little earner if you can get it. What about ADE, what's in it for them? Well they eat up cash like you wouldn't believe eroding their cash balance in their last 1/4ly by $4.15mm and a then cash balance of $0.87mm so they will be happy to get their hands on our $9mm (before Hec's cut).
That's my cynical take on it ATM but let's see what unfolds.
ANZ
SNE Price at posting:
17.0¢ Sentiment: Hold Disclosure: Held
