The shareholder approval threshold to take the company private would be 90% of the value of o/s shares. This would be difficult and UK law has stringent minority rights to protect smaller shareholders from aggressive takeovers.
In addition, all the employees and senior management have a lot of share options & bonus schemes with price ranges significantly exceeding the current share price so it would be difficult to pull off without pissing off all your staff. Having a public listing means staff can sell at a time of their choosing. It’s very difficult to recruit experienced staff to a private company where shares are not liquid and you have to trust the Board to trigger share redemptions at values they can control or wait for a change of control which could take an undetermined amount of time. Too many unknowns taking it private.
Will a take private happen or a reverse split? Who knows, we’ve been in the dark since Sarissa gaslighted disgruntled shareholders and took complete control. A lot of ifs and buts. If it turns out sales are materially increasing in Europe & China and they announce some sort of a strategy or forecast then there is a little more visibility than currently. No mention of the beneficial label change in EU either. But with these guys at the helm, it’s anyone’s guess. It’s bordering on sabotage what they are doing and no one knows why.
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