The previous Greets blog speculated on the possibility of the Botswana holding or parts of the holding being sold (see here).
Another reason for believing a sale is a distinct possibility is MTR have 30% of the joint venture, this being in a UK private company. This makes it very easy for MTR to seperate Botswana from the rest of the business should they wish to sell.
As highlighted in the previous Greets blog a sale could happen sooner rather than later and this is given more credence as it is believed MTR are looking at the most tax efficient route of distributing any profits from a sale to shareholders.
Interestingly MTR Directors can’t convert any warrants as we are in a closed period prior to the release of MTR results. If the warrants aren’t converted the MTR Directors will be seriously disadvantaged. It is therefore very difficult to see this happening.
The conversion of Director warrants and changes to options, as highlighted in the recent Quarterly Activities Report (see here) could therefore be a clear indicator that an offer is imminent.