"How would it dilute them anyway as won't unikmind be given non-dilution rights?"
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Obviously they're not going to do a daft acquisition just to dilute U, but a deal which diluted them would be a plus If I was management and the largest shareholder wanted to take the company on the cheap (and we know taht is the Board and management's view given previous announcements), then I would probably want to reduce U's influence. "Why would KAPE want to pursue an acquisition to dilute Unikmind's holding? They'd need to seek consent from the Panel to make an acquisition I'm not sure who said that it would however the difficulty for them would be the Frustrating Action rules in the takeover code. "Why do you think an offer of 285p on the table would somehow prevent KAPE from pursuing any acquisition?" Smaller institutions will likely take the same/similar view to Slater and most private investors from what I've read are against this too. From there, the maths is very difficult for U to get to the 75% to delist. Those parties aren't supporting the U offer given that, if they were, U would have announced it. The next 3 largest shareholders after U together account for c.18% of the register. "Why are you so sure that unikmind's offer will fail?" Therefore it could be that in order to move market, Sagi might needs to agree to sell down part of his holding - possibly not by much, and actually he'd get the value uplift on most of his holding via a re-rating
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THe challenge which KAPE might have is that (i) I'm not sure whether other markets permit a >50% shareholder given the ability for that party to throw their weight around and (ii) other markets require higher free floats, and depending on how you view some of the other large investors in addition to Sagi, KAPE might not reach that level. I'll ask them again on the next call I join. I asked KAPE management 12-18 months ago on an investor call about such a move and they said that its something which the board has discussed or were discussing. The reason this happens is simply that certain institutional investors are not allowed to invest in AIM companies, and some private investors won't touch AIM because of the various frauds/scandals over the years.
So all I mean is move from AIM to one of those markets - the share price would be higher as investors on those markets would rate it on a higher multiple.
Simply that a company like KAPE (industry, addressable market, metrics etc) would be more highly rated (trade on higher PE or EBITDA multiples) if it was listed on the main market in London or Nasdaq.
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