Ann: Board Changes, page-3

MR,

Shuffling the deck chairs now that Crescent are on the way out? Another tranche to be sold in November. Perhaps she has been moved to the next Crescent Project more lucrative to PE than this one. I agree with you that it is good for CVW and the company can focus on a long period of growth and compounding returns to shareholders. There did seem to me to be a conflict between management who wanted to simplify and grow the business, and a major owner who wanted to sell at a premium.
Although it was curious that no one wanted to buy.
I've got P/E at 5 on adjusted earnings, and gross dividend at 10.5, as well as management stating double digit NPAT returns. Compared with a competitor Nobleoak (NOL), which has half the market cap and half the revunue and no dividend yet trades at 3 x the price, CVW looks to be a better business. I can't understand the difference but perhaps time will close that gap. Perhaps also NOL has Samuel Terry behind it, so perhaps that explains the differential.