Ann: Share Divestment (GL1), page-28

Good opposing analyses @ triage and CW. Seems to me the manna deal would be good if reflected in the SP as per CW analysis but is not good because not thus reflected. Totally banal comment on my part but is a way of making the point that for whatever reason perceptions around BRB management are not allowing the value seen to exist in an asset largely held and managed by GL1 to flow through to BRB. That to me is totally illogical. The value must be there because the market says it is there. The only possible corollary is that BRB is regarded as so dysfunctional that if it ever cashed up the 20% it would be incapable of spending it productively. The further corollary of that is to quickly take a large position in BRB to prevent it doing stupid things and crystallise the implicit value.