Quite frankly, I can’t see much out there where they could take a new strategic stake in something at what could be considered a cheap enough price for the Miller’s....probably a big reason why it hasn’t happened! Lithium is looking fantastic, but that particular train has probably left the station now.
The best bet in my view is exactly where they have said they’re heading....a partial sell down of the large cap investments with funds used to invest globally, invest in private markets (generally a lot cheaper than listed equities) and property.
Ann: 2021 AGM Presentation, page-43
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