It is quite common actually for companies with investments to have a share price below the sum of the parts. The reason for this, and its probably true of HGO, is that investors switch out of the mother company and into the subsidairy that is driving the mother company's price.
In the HGO case, ESG is the jewel in the crown, so why have one HGO at 40c that's edging upwards, when you can sell that share and buy 1/2 of an ESG share which looks like being a 2-5 bagger in the near term. If ESG doubles, HGO will only rise by 20%.
It is quite common actually for companies with investments to...
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