Ann: ENA signs non-binding agreement to sell its UK operations, page-27

You cannot compare the value of Tom's business in private hands vs it's value in the hands of a listed company. There is always an arbitrage (valuation multiples are higher in listed company) because if access to capital markets and LIQUIDITY for shareholders. in the private company if a shareholder wants to sell some of his shares he can only really sell them to one of the other shareholders in the private company. In the listed company you can sell it to anybody within 24 hours. there is a premium for that privilege. this is why it remains my view that EMA will now go on an acquisition path, acquiring another privately held entity that is profitable and growing. The nature of this arbitrage in value means that the deal will be accretive to ENA shareholders, And bring synergies which improve performance!