Ann: Pause in Trading, page-15

Irrespective of what the price end up at, shareholders have nothing to complain about. We have been happy to accept UNV trading at discounts of >50% of intrinsic value for years and thus cannot now expect or demand full value on its sale. See it as the price you pay for discounting a company for operating in South Africa, even when profitable and having had no sovereign risk issues ever. (Poor) perception is the biggest killer of value.