📈 Advisor Recommends Rejecting Ambeon's Mandatory Offer for Myland Developments (MDL)

• HNB Investment Bank (HNBIB), acting as the independent adviser, recommended that Myland Developments PLC (MDL) shareholders REJECT the mandatory offer of Rs. 8.50 per share made by Ambeon Capital PLC. • The recommendation is based on the offer price being at a discount to most fair-value estimates: • Discounted Cash Flow (DCF) valuation yielded Rs. 9.57 per share. • Peer Price-to-Book Value (P/BV) suggested Rs. 12.74 per share. • The one-month Volume-Weighted Average Price (VWAP) was Rs. 18.86, more than double the offer. • The offer is, however, a 114% premium to the Net Asset Value (NAV) of Rs. 3.97 per share. • The mandatory offer, extended for the remaining 18.27% of MDL shares, matches the Rs. 8.50 price paid by the consortium for its initial 81.73% acquisition in September. • Under new management, MDL plans to accelerate land development & real estate projects, forecasting revenue to rise from Rs. 48.8 Mn (FY2025) to over Rs. 640 Mn by FY2029, with gross profit margins stabilizing near 32%. • MDL’s shares recently closed at Rs. 17.50.