3rd Sep 2021 12:23
Watchstone Group PLC - cash shell with remaining assets comprising litigation assets, contingent liabilities and cash - Recommends shareholders reject Polygon Global Partners LLP final offer of 38.0 pence per share in respect of 631,902 shares. Final cash offer represents around 1.4% of Watchstone's issued share capital - when combined with Polygon's 30% stake, this figure stands at just over 31%.
"The directors do not believe that the final offer reflects an adequate premium for control and significantly undervalues Watchstone and its prospects. Accordingly, the directors recommend that shareholders should reject the final offer," says cash shell.
Final offer of 38 pence per share was made on Tuesday, up 12% from the penultimate offer of 34 pence.
Current stock price: 38.00 pence
Year-to-date change: down 34%
By Josie O'Brien; [email protected]
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