18-02-2014, 12:47 PM
It is probable that consideration about corporate raiders prompted the group to issue the recent rights issue at such a low price. It was pretty clear that market conditions more than warranted a much higher price.
Effectively the right exercise has allowed them to narrow the gap between market price, and intrinsic value, making it less attractive for hostile bids.
Of course minority shareholders have really been played out.
Having said that, UE is considerably undervalued.
Effectively the right exercise has allowed them to narrow the gap between market price, and intrinsic value, making it less attractive for hostile bids.
Of course minority shareholders have really been played out.
Having said that, UE is considerably undervalued.