SouthernLad, my hypothesis based on everything we've said is...

SouthernLad, my hypothesis based on everything we've said is that 'Mr Market' must believe LAU is not in a strong competitive position compared to much larger competitors such as Linfox. We lack access to freight data that LAU would internally know.

Perhaps 'Mr Market' is also worried about the losses in the division mentioned above.

However the market never understood how LAU has expanded by using rail, and even though it doesn't operate its own trains, this has turned out (so far) to be a moneyspinner. So 'Mr Market' isn't always correct, and has a history of ignoring potential good news, or cynicism about gains continuing, especially with smaller companies.

I just don't believe doyen Mr Robert Millner of SOL would stick around so prominently on the register unless he foresaw a future.