MCK - Millennium & Copthorne Hotels NZ Limited

[Basil]

I think its highly unlikely to be ACC who seem content to sit on their hands and wait until the stalemate with CDL is somehow broken.  I also doubt any other institutional holder is trying to build a position.

The letter I sent to the board about the methodology of taking the company over at no cost to CDL was circulated to all board members including CDL's representative.

I'm not a huge believer in coincidences so its well worth highlighting that CDL have only very recently been able to start buying again under the creep provisions of the takeover code, (from early May).

The most plausible theory I have is that CDL quite liked my idea and are buying under the Creep provisions before moving to redeem the preference shares using bank finance, and using their 91%+ share of the proceeds to take over the ordinary shares. 

That doesn't suggest a bid is imminent, just that they could be mopping up weak hands at a price that's advantageous to them knowing its materially less than what they will pay in due course.

That's my best working theory and assumes people with significant holdings like you, me and Clackity are already well positioned and are not accumulating more....I can tell you it isn't me buying.

I think this is a classic case of DO NOT SELL.

[entrep]

Diamond hands here

[Crackity]

I think its highly unlikely to be ACC who seem content to sit on their hands and wait until the stalemate with CDL is somehow broken.  I also doubt any other institutional holder is trying to build a position.

The letter I sent to the board about the methodology of taking the company over at no cost to CDL was circulated to all board members including CDL's representative.

I'm not a huge believer in coincidences so its well worth highlighting that CDL have only very recently been able to start buying again under the creep provisions of the takeover code, (from early May).

The most plausible theory I have is that CDL quite liked my idea and are buying under the Creep provisions before moving to redeem the preference shares using bank finance, and using their 91%+ share of the proceeds to take over the ordinary shares. 

That doesn't suggest a bid is imminent, just that they could be mopping up weak hands at a price that's advantageous to them knowing its materially less than what they will pay in due course.

That's my best working theory and assumes people with significant holdings like you, me and Clackity are already well positioned and are not accumulating more....I can tell you it isn't me buying.

I think this is a classic case of DO NOT SELL.

City Developments Limited (CDL) is finalizing a comprehensive strategic review led by global advisory firm Teneo, targeting June for a full rollout. The strategy focuses on accelerating capital recycling, expanding fund management, and optimizing a $5 billion pool of assets to narrow its RNAV trading discount.Key Pillars of the Strategic Review:Asset Monetization: Actively divesting non-core and legacy global assets to boost Return on Equity (ROE) and capital efficiency.Fund Management Focus: Scaling up fee-based income by expanding asset and fund management capabilities.Core Market Anchoring: Doubling down on the resilient Singapore property market—particularly through prime developments like Union Square—while avoiding high-risk sectors like logistics and data centers where CDL lacks a competitive edge.Management Incentives: Shareholders approved a new long-term share incentive plan aligning senior management's remuneration with specific Total Shareholder Return (TSR) and ESG metrics.



From the robots......