Adding to your pointed remarks about the capacity /capabilities of the Board/MD/Advisors , and the poor decision making , one only has to reflect on the TKO proposal made by Washington Soul Pattison on the 6th Dec 2023 --which was rejected by PPT Board on the very same day .
See edit below
Obviously ---plenty of thought given to it ( NOT ) the 6th Dec 2023 ...by the Board and its Advisors , when it was declared in its "rejection"as inadequate .Washington Soul Pattison , as a major shareholder then and still now ---must be really peeved at what has transpired since .....particularly , one would have thought , that in terms of a scrip offer , the ATO could/should /would have offered Rollover Tax Relief ???!!!!
Hindsight reflections now of course ..and a good look thru all the documentation available would be necessary with a futile outcome as it is hindsight now --but you had /have both THEN AND NOW , a highly paid Board and a highly paid Group of Advisors to look at this aspect ..and not just come up with a rejection in one day !!Current Board has a lot to answer for over multiple years ....and , just for starters , advise Shareholders WHY ( THE REASONS /RATIONALE) behind the continuation of discussions with KKR , given what they have said about the Tax position !!!!
I might have it all wrong ,,,but just my own personal observations.
Edit 6th Dec 2023 Proposal
WHSP believes the Indicative Proposal provides a unique opportunity for Perpetual shareholders to unlock value in a tax efficient structure while retaining exposure to each of Perpetual’s three businesses. The Indicative Proposal implies equity value of $3,060m, comprising: • WHSP scrip worth $1,060m1 ; and • PAM scrip worth an estimated $2,000m. This represents a value of $27.00 per Perpetual Share (“Offer Consideration”) and total enterprise value of $3,531m. The Offer Consideration is at a meaningful premium to the undisturbed market prices for Perpetual shares, representing: • 28.6% premium to the undisturbed closing share price of $21.00 on 13 November 2023 ; • 33.4% premium to the undisturbed 1-month VWAP of $20.24 as at 13 November 2023; and • 28.3% premium to the undisturbed 3-month VWAP of $21.04 as at 13 November 2023. After adjusting for the liabilities that WHSP will assume, and excluding the value of PAM, the implied value for WM and PCT is $1,885m. Indicatively, this represents a 56.4% premium to $1,205m, the value of WM 1 The value of $1,060m is fixed, i.e. the exact number of shares to be issued will be determined based on the SOL share price at the time of the transaction. 2 13 November 2023 was the last undisturbed share price before WHSP’s 9.99% economic interest in Perpetual was disclosed. and PCT implied by Perpetual’s current market capitalisation after adjusting for the aforementioned liabilities, and excluding PAM, as at 13 November 2023.
(20min delay)