This appears to me as particularly bad news for CIMIC. Ventia management obviously couldn't sell themselves as doing anything other than peddling a fattened pig. Not much of a surprise, because if you look at the Ventia management team they appear like a bunch of old Leighton guys who didn't get the memo 10 years ago.
When you get heavily re-rated and still get pushed to market, you have to wonder what else is hidden away in the closet. The typical scenario wouldn't surprise me here, i.e. a false start, more re-ratings in the near term and a clean out of management over the next couple of years as the company does all the work it should actually be doing before going to market.
CIM Price at posting:
$18.98 Sentiment: None Disclosure: Not Held
