RE:RE:RE:FIERA HOLDINGS RECEIVES SALE NOTICE FROM DESJARDINSThe announcement says management is working with a financial partner. Perhaps that is a potential buyer for the whole company in the future. Financial partner could just be lending management money rather than taking an actual equity position.
The negative reaction has to do with the current uncertainty of these shares now being on the market and that Desjardins is no longer a potential buyer of the whole company. If management does not buy then they do a bought deal with a broker at a lower price.
The positive side of that is that any potential buyer of the whole company has one less big holder to deal with now that Desjardins is not in the picture.
Same number of shares outstanding at the end of this ... no more ... possibly less if NCIB used. So as long as FCF stays where it is, dividend is safe IMO
GLTA