DVN - Devine Limited

[copashark]

Are there any other holders out there? ive held since 12/6, and it has largley been left behind the market until the last couple of days it has rallied well but there have been no announcements?. Leighton have a decent stake in this property group. Any ideas on this rally?

 

[Ian]

Copashark,
I am a long time holder. DVN has been very good to me because it is traditionally a very good divi payer and I am a comfortable holder because it is a very well run company. Like all companies its sp got hammered by the economic crisis and fear of a collapse in the housing market. Do you see any evidence of that?. I don't. But it will take time for the sp to recover. Its more about sentiment than reality. Buy and hold is my advice but then I don't give advice so dyor.
Another company I like that was hammered more by sentiment than reality is WFL. For the same reasons as DVN I suggest they may be worth looking at.
cheers
Ian

 

[copashark]

Nice bounce back by DVN yesterday. Hopefully this movement shook the resistance off, that been holding this below 0.60

Ian, WFL does look oversold @ 0.50, watching closely.

 

[greggles]

CIMIC Group Limited has made a takeover bid for Devine Limited at 24c per share, double its closing price yesterday of 12c.

The Devine directors will evaluate the Proposed Offer and release a Target's Statement in due course. Devine will engage an independent expert to prepare a report on whether the Proposed Offer is fair and reasonable to Devine shareholders not associated with CIMIC and engage legal and financial advisers. The independent expert's report will be included in the Target's Statement sent to Devine shareholders.

It has been two and a half years since DVN traded at 24c or above and it has been languishing under 15c since mid-2019. This takeover bid seems to be a good opportunity for shareholders to cash out and find better opportunities elsewhere (not financial advice, just my opinion). It will be interesting to read the Target's Statement once it is released.

 

[System]

On August 23rd, 2021, Devine Limited (DVN) was removed from the ASX's Official List in accordance with Listing Rule 17.4, following despatch of compulsory acquisition notices by CIMIC Residential Investments Pty Ltd.