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Meldex's shares have fallen more than 25 per cent since an acrimonious annual meeting last Thursday in which a resolution to issue an additional 100m shares was voted down, together with management's proposed remuneration package. The company's share price has also been hit after founder and 8 per cent shareholder Barry Muncaster's vehicle, Aquisitek, said it had no intention of bidding.
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We regard the situation as too dangerous now to recommend taking part in. Fairly priced at 26p.
Last IC view: Speculative buy, 32p, 27 June 2008
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
