RE:today's tradingOPFunds, Having watched the same unusual trading pattern (BMO and Paradigm taking-out all of the large bids... and no new bids having been put up) I came to a different conclusion.
My assumption is that the buyer is still there wanting to steal IWG... but, having now read the pathetic joke of a Fairness Opinion in the info circular, I am guessing that "Mr. Market" does not see this arrangement being approved by shareholders.
Take a look at the following blurb, which has been cut and paste from the IWG info circular released on Friday, and in particular, which is taken from the fairness opinion as prepared by Working Capital Corporation (a fancy name for one Christopher Gulka):
WCC examined the adjusted EBITDA of the Company for FYs 2012 – 2015 and the budgeted results FY 2016. WCC calculated a weighted average EBITDA for the Company and applied a multiple derived from the comparable company analysis outlined above. The range of value calculated was supportive of the Consideration.
Are you f@c#-ing kidding me? You calculated a "weighted average EBITDA" for a four year period? A four year period where the company nearly doubled in size through growth???? Is this a joke? How about using the actual EBITDA for 2016... the year in which this plan of arrangement is actually supposed to take place?
I honestly cannot believe this is happening?