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23-07-2024, 12:16 PM
#7521
Member
![Quote](images/misc/quote_icon.png) Originally Posted by kiwical
Same is true for shorter term holders. It was hovering at $1.70 in December, only started sliding from January this year.
Yes, agree… it’s abit low surely?
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23-07-2024, 12:23 PM
#7522
Not familiar with NZ takeovers/offers - would it be normal practice for the board to make a counter proposal back if the price is judged to be too low (which I think is true)?
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23-07-2024, 12:28 PM
#7523
Member
Is the big shareholder Tindall already endorsing this 1.50-1.70 range? Is he saying his 40 odd percent total shareholding is on board at this range? I may have this wrong
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23-07-2024, 12:33 PM
#7524
![Quote](images/misc/quote_icon.png) Originally Posted by LaserEyeKiwi
Not familiar with NZ takeovers/offers - would it be normal practice for the board to make a counter proposal back if the price is judged to be too low (which I think is true)?
Yes the board should be acting for shareholder interest and if they think the bid is too low, then they can counter.
![Quote](images/misc/quote_icon.png) Originally Posted by Bikeguy
Is the big shareholder Tindall already endorsing this 1.50-1.70 range? Is he saying his 40 odd percent total shareholding is on board at this range? I may have this wrong
Tindall isn't affected either way because he isn't sell any shares, so im sure hes on board. He just wants to turn WHS around and the current set up isn't enough to do it.
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23-07-2024, 12:35 PM
#7525
Member
My taken on this is that Tindall ends up with 48.5% ("...up to 50%...") or thereabouts of the resulting company with the balance held by ACM or as treasury stock if that's the right term for it.
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23-07-2024, 01:16 PM
#7526
![Quote](images/misc/quote_icon.png) Originally Posted by winner69
Market was pretty clever yesterday bidding share price up $1.50 eh
More than 50% gain in a few days
If you can find other good uses for the funds, and with an uncertain offer, from my past experience a bird in the hand can be worth two in the bush. I have seen takeover approaches dry up. However circumstances differ and this is not advice!
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23-07-2024, 01:29 PM
#7527
Essentially, the proposal is a privatisation of the Warehouse by a JV of Tindall & Adamantem. Depending on the funding structure (PE always tend to use as much debt as they can), Tindall will free up some of his capital tied up in the Warehouse.
There is considerable due diligence to take place so there’s going to be months yet of water to flow under this bridge.
Will Adamantem agree with Tindall’s perennially positive view of the Warehouse? Or is it really a case that the footprint is attractive enough to launch into the supermarket trade as speculated?
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23-07-2024, 01:53 PM
#7528
![Quote](images/misc/quote_icon.png) Originally Posted by Balance
Essentially, the proposal is a privatisation of the Warehouse by a JV of Tindall & Adamantem. Depending on the funding structure (PE always tend to use as much debt as they can), Tindall will free up some of his capital tied up in the Warehouse.
There is considerable due diligence to take place so there’s going to be months yet of water to flow under this bridge.
Will Adamantem agree with Tindall’s perennially positive view of the Warehouse? Or is it really a case that the footprint is attractive enough to launch into the supermarket trade as speculated?
So how does this work. Don't most supermarkets lease back the buildings, not own them due to the capital requirements.
I like the vision. It's like a property grab. Buildings would have to be converted one by one, sold off and leased back. Then an owner operator buys in.
At the end of the day, a major break up of the assets, repackaged, even a new supermarket NZX listing etc. And posh clean modern looking buildings in small town NZ.
Win win win.
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23-07-2024, 02:12 PM
#7529
Supermarkets would require a lot of skills Tindall does not have.
Butchery,Bakery,Deli,Liquor,Fresh Fruit and Vegetables,
Incredible logistics the WHS have not mastered.
Capable staff.Good store layouts.
Nationwide set up costs,freezers,display cabinets,home delivery vans etc would require very deep pockets.
.
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23-07-2024, 02:14 PM
#7530
Out of interest, does anyone know at what price/value Stephen Tindall got when they listed in 1994?
Probably already got more than $600m out of it.
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