Karl, Karl, Karl, That Don’t Smell Right

Karl Siegling’s Cadence Capital (CDM) announced a new ‘superior’ offer for RHG this morning. In conjunction with Pepper Australia, Cadence is offering shareholders 49.65 cents per share, a 1.65 cent premium to the existing offer from Resimac. But there’s a rub. The offer is 35 cents cash plus one Cadence Capital share for every 10 RHG shares held (the scrip component translates to about 14.6 cents of additional value at the last traded price). Siegling says that, ‘as a consequence of this superior proposal, CDM does not support the current proposal by the Resimac Syndicate’. Well, it’s certainly superior...

Karl Siegling’s Cadence Capital (CDM) announced a new ‘superior’ offer for RHG this morning. In conjunction with Pepper Australia, Cadence is offering shareholders 49.65 cents per share, a 1.65 cent premium to the existing offer from Resimac.

But there’s a rub. The offer is 35 cents cash plus one Cadence Capital share for every 10 RHG shares held (the scrip component translates to about 14.6 cents of additional value at the last traded price).

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