Given that the market simply refuses to recognise the blatant under-valuation of the stock following the rip-snorter price they got for the Morrisons stake, it was inevitable that some extraneous event or some third-party would at some point come along to precipitate closure of the valuation gap.
But I would have preferred it if that third-party had a more investment credibility than one who had converted 100c/share of NTA to 71c/share over the past decade - a period during which the overall market has risen by 50%.
Not exactly a well-conditioned horse to back in the race.
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SEQ Price at posting:
56.5¢ Sentiment: None Disclosure: Held
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