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Question: Lyrebird Ltd is currently undergoing an equal access share buyback scheme. The market price of Lyrebird Ltd is $8.50 per share. The off market buy back price was announced at $8.25 per share, where the capital component of the offer is $2.50 per share and a fully franked dividend is $6.00 per share. Corporate tax rate is 30 percent. An investment fund, Volturius LLC, has recently become a shareholder in Lyrebird Ltd by acquiring a 4 percent ownership in Lyrebird Ltd. Volturius LLC has also rejected participating in this buy back scheme at the current share price. Volturius LLC however made a counteroffer to Lyrebird Ltd last Monday to sell all its shareholdings in Lyrebird at the price of $8.60 per share.
Volturius LLC has then been accused of 'green mail' by Lyrebird Ltd.
Discuss the following:
i. Outline possible reasons why Lyrebird Ltd management accused Volturius LLC of 'green mail'.
ii. Advise a domestic retail shareholder (who has a marginal tax rate of 32.5 percent) and a superannuation fund (15 percent tax rate) whether either of them should participate in Lyrebird Ltd's Equal Access share buyback. Assume that shares in Lyrebird Ltd were bought by the retail investor and the superannuation fund more than a year ago at a price of $2.50 per share.
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