Very interesting.i am in agreement with Tamz that this looks...

Very interesting.
i am in agreement with Tamz that this looks like they are preparing for a sale but also that Glass is being sold on the cheap to related parties.

given the related parties won’t be able to vote- whether this transaction goes through will be ultimately determined by the vendors of Bexton/ Coroma/Artisan/Seisma/Sacon + BLVD pty Ltd (prev Seisma owner) who control the majority of the voting stock.

If it goes through- they probably have insight into the Victorian business and whether it is as strong as is being said here.

Anyway, it is hard to see how anything can be lost at the current share price. They have confirmed a net cash position by FY20 leaving an EV if less than 7m for an EBITDA of 3-4m. They could probably sell it off at best for a 6-8x multiple (assuming a takeover premium), maybe to RXP for 20-30m giving a max upside of about 10c/share + a reasonable holding in TNT.

Obviously no one likes the uncertainty but it is not like they can inform the market of ongoing negotiations. I hope they already have a buyer lined up and they are ticking off the boxes for them...

Also clear that my previous posts completely misjudged the situation!!