The HGL model of taking (for the most part) part-ownership of a...

The HGL model of taking (for the most part) part-ownership of a clutch of businesses, with the intent of supporting the management of those businesses, is broken.
Their track record speaks for itself. Hancock and Gore, as it was once called, is a far cry from the great little diversified industrial of a couple of decades ago.
Shareholder wealth has been dramatically destroyed over a period that witnessed a significant gain in the country's GDP, not to mention an environment for equities which many of us will not likely see again in our lifetimes.
The buck stops with the Board and Management of HGL Ltd. Have we ever had a complete overhaul of company ownership, board personnel or management philosophy? No.
That doesn't necessarily mean a purchase at current prices won't produce satisfactory 'investment' results. However, shareholders should not expect satisfactory 'business' results until the company's issues at a more fundamental level are resolved once and for all.