Ann: Chairman's Address to Shareholders, page-13

gc,
A change is going to happen....Sooner than we expect.
It was clear for sometime that ZGL is evolving into something different.
The most likely outcome is a sale of its 2 heavy machinery divisions, rather than spin offs.
A bigger player may be willing to pay a premium to NTA for synergistic benefits.
The sale could be in the form cash & equity in the acquirer ....ZGL will still have interest in these business without having to struggle to grow them....We may even get more benefit if they are folded into the business of a bigger player where the will grow faster.....A win-win.
Interesting times.....I bought ZGL for its PE & Med tech....I'll be delighted to see the capital intensive heavy machinery business off our books.