Ann: Market Update, page-3

I think ENN is trading on a P/E of about 10 with a restructure now hanging over it's head.

They are going to have to continue to sell assets to reduce gearing, but appear to retain the management rights at least for ECF. If they can sell down more of their stakes and retain the management rights, this will actually be earnings accretive.

However, I can't see anything in these documents which outlines whether they will retain management rights across their portfolios of the remaining assets for sale. Probably because it's an unknown at this point.

I've seen companies that go through restructures before and they usually trade on a multiple at least half of what ENN is now, at least until the restructure is over and we have clarity on the outlook.

Could be an opportunity but not at 82 cents in my view. Should trade down heavily today.