Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi MM Team
On Monday Altium dived on rumours or suggestions that A, the bid was being pulled, and B, a possible revised bid of $40 had been rejected. Altium the went into a short trading halt and denied any new information was available. How is it that the "Pitt St" taxi drivers had heard something but the Altium board had heard nothing? Is this not deception by Altium?
Neil W
Hi Neil,
Unfortunately the poor Pitt Street Taxi Drivers have nothing else to do at present with Sydney in lockdown, on a more serious note it did feel a bit grey our end, especially because we were on the wrong side of the announcement. However the ALU board said they actually received no official bid in writing above $38.50 hence they couldn’t report details of simple conversations to the market, I repeat it all sounds a bit grey to us as it does you. That said, they do have extreme confidence in the value of their business, I would be more skeptical of this if management were not such significant shareholders however while the share price has taken a hit this week, my heart is warmed by their level of confidence in the strategic value and direction of the business. You could simply feel it in the conference calls the company have held during this time that they believe there is acceleration coming in this business.
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