Yer agree. Difficult to find a buyer, but the sale showed no imagination. Price likely limited by what the management could afford or risk.
An alternative would have been for RUL to sell higher and give management the money for the sale in the way of a loan to the company to be paid out of future profits. Essentially this is a leveraged buyout with RUL providing the leverage (instead of a VC). No more cash immediately but higher accounting sale price and higher cash in medium term.
RUL Price at posting:
$1.52 Sentiment: Hold Disclosure: Held
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