good volume, page-2

Minproc is doing well and is a good later cycle/defensive exposure. Put MNE on the same multiple as other Contracting/Engineering companies and you are pretty well getting GRL for free. Problem is that the money Minproc is generating is getting sucked into GRL and shareholders are seeing little of it. However, with Lancashire, there is enough meet in GRL to likely see it spun out in the not too distant future, (maybe this is the reason why Macquarie Bank have a significant stake in GRD). This will then be a case that the sum of the parts is greater than the whole. GRL if it works to plan will see this company many times larger than it is now over time, a good stock for the patient. Rest of the old MD's stake is likely to come out soon and the stock should also pop with this overhang gone. Fill your boots and hold on!