https://moneyonline.cmail19.com/t/r-...l-jtthlynij-y/
hope that link works...
Printable View
https://moneyonline.cmail19.com/t/r-...l-jtthlynij-y/
hope that link works...
Thanks RupertBear. Shame they didn't articulate that in their formal NZX announcement.
I still wonder how they write a big cheque to fix the Pokeno fiasco ?
Well said, that's how i read it too. Looks like the risk arising out of Pokeno settlement has mitigated quite substantially from Monday's oral hearing at supreme court. Too early to read though, in the meantime Synlait going ahead with their future plans and am sure if needed A2's war chest of cash is readily available to access.
ATM have plenty and are easily able to underwrite any cash issue required. That much is certain.
Was wondering the same thing, they missed that important piece of information out... somebody knew about this in last few days as the market response today has been very lacklustre, the action earlier in the week probably had nothing to do with the court case. Still acquisition makes sense hope it gets through OIO.
Looks like they will continue to progress this through the legal system.
Lawyers will be doing well.
They must be very confident of getting a result in their favour.
https://www.nzx.com/announcements/343387
http://nzx-prod-s7fsd7f98s.s3-websit...389/310740.pdf
Good news for shareholders and probably raises the possibility of a settlement between the parties before the formal appeal date...or there's one more hurdle to jump.
De-risks the shares a bit. Shares down 30 cents on this good news suggests to me the recent run up was almost certainly insiders buying on inside information about the acquisition announced last week.
Is it good news?
More like not bad news
It only grants the right to appeal. It doesn't comment on the possibility of the appeals success, other than considering that it wont waste the Courts time, so in a very minor sense I guess its a nod. But... could still well fail.
Crystal clear there are two separate hurdles to jump peat. Hurdle 1, Oral submissions to allow a formal appeal, Hurdle 2, the formal appeal itself.
If they had of tripped up at the first hurdle they were completely shikkered so yes its good news and if each hurdle is a 50/50 chance they're now twice as likely to get satisfaction through the supreme court than they were on Friday. But I think there's a bit more to this than a straight hurdle jump.
1. Obviously the Supreme court judges think there is some merit to Synlait's argument as if they didn't they wouldn't have allowed the formal appeal, hence the appeal itself is more likely to be favourable.
2. The aggrieved party will know this and I think there's a much higher chance of an out of court settlement now.
Absolutely its a good news day for Synlait shareholders but the shares ended up down 30 cents. How can anyone come up with a plausible explanation for this other than the obvious that insiders were bidding the price up on the acquisition last week ?