Originally Posted by
Baa_Baa
And the market thought TTK was worth about half of what Spark offered, before the offer, and before TTK sold off a significant chunk of the business to Voda. Result being that while there's going to be a healthy cash balance from the sale, the revenue and profit profile reduce significantly. Ergo the value of the company is re-rated from here to whatever the market thinks the cash balance + the remaining business is worth.
TBH I wouldn't be surprised if the Board who have really struggled to realise the company vision with some poor acquisitions that never really fire up, have no idea how to re-invest the returns from selling assets and fritter that away on unwarranted dividends to shareholders, like a equity return. That would leave them with pre-Voda sale SP, minus cash, equals less than the SP before the Spark offer and the sale.
Anyway who knows, it remains to be seen how TTK respond to having a pile of cash, a smaller business, and a predisposition to rewarding shareholders with dividends.