If you want some insight into how L1 operate there's an expose in the Fin review how they Perpetual and Tribeca Investments are pushing for a $2B demerger of the iron ore royalties form Iluka Resources. https://www.copyright link/street-talk/l1-capital-pushes-case-for-2b-iluka-resources-demerger-20191020-p532ee
So an activist shareholder who work with fund managers to realise value.
Accumulating Levels, page-3
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