Updates

MP Evans - Rejects 740p a share offer

January 2017

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares went into orbit after receiving first a bid of 640p and then a “final” one of 740p a share from Malaysian conglomerate KLK. Both have been rejected because they undervalue MP Evans’ Indonesian portfolio of palm oil plantation estates. Management have subsequently commissioned an independent valuation of its oil-palm estates and property, which concluded these are worth US$665m implyng an equity value of £10.82 per share, which is 46% higher than KLK’s offer.Shareholders representing almost 41% of the shares have come out backing the Board’s rejection but a counter offer could still happen.First tipped at 386p in December ‘07 and again at 441p in December ‘10 , the ...

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