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I received the huge acceptance and voting package for WFD and I’m still confused. I will be accepting the offer but I understand that accepting the offer will result in a cash payment (which will depend on the $US exchange rate at the time of takeover. Also an allocation of shares in a small tech start up.
Question- It is the shares in Unibail-Rodamco and where they can be traded that is still confusing me. I think it means that one can elect to choose the option of shares that can only be traded on the European exchanges but the default option can be traded on the ASX just like any dual listed company such BHP etc. Is that correct?
I think Unibail-Rodamco is a good retail company going through a slump so I would be prepared to go long on them. Also the small tech startup may eventually be worth something. But if it means messy overseas exchanges with an unpredictable exchange rate I will selling on market prior to the closing date and forget about the opportunity lost of not selling WFD on market soon after the announcement.
Question- what is your advice on WFD?
A: Thanks for the question.
There are really only three issues you need to consider:
I imagine that the votes for (a) and (b) are already locked in to support the proposal and your vote probably won’t count. With the Lowy’s and Westfield Directors unanimously recommending a “yes” vote, the takeover and demerger is going to proceed.
In regards to ( c), OneMarket looks a little like a technology “plaything”. It had revenues of around $2m in 2017, and has $190m of cash to “burn through” which will take it into 2019. I can form absolutely no view as to its prospects of success. I guess if you have a tiny number of shares, you sell into the sale facility, if you want a bit of a punt, you hang on.
Hope this helps.
