Confidence is high at small cap MSL Solutions ahead of this week’s shareholder vote.
Confidence is high at small cap MSL Solutions ahead of this week’s shareholder vote, with the group and its investors expectingMSL Solutions provides point of sales software to venues including stadiums and arenas.Having sailed through due diligence and pre-bid talks, MSL and Pemba surprised investors with an agreed bid at 63.9 per cent premium to the last traded price and secured independent expert Leadenhall Corporate Advisory’s approval soon after.
The only potential sticking point to emerge was Sydney-based fund manager Microequities, which had about a 12 per cent stake prior to Pemba’s bid and built it to about 16 per cent in the past two months. Microequities is the sort of manager that fights hard for its clients and doesn’t just automatically roll into private equity bids. It went up against another Pemba holding, ReadyTech, late last year.
Pemba and MSL seemed a little nervous about the potential blocking stake a fortnight ago, and Pemba declared its bidHowever, as the proxy votes have rolled in over the past week or so, tension seems to have come out of the situation, indicating Pemba has the numbers to get the deal done. Whether that means Microequities is voting for the transaction is another matter. It could always abstain, and just stay out of the way.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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