In business, one of the hardest decisions is to sell and hand back cash to shareholders. More often than not, most companies raise money, spend a heap and sell for a pittance and start over again.
Credit should be given where it is due. They have sold the business and returned cash as they said they would.
If they stick to their plan of returning 7c on 1 July, it shows management can be trusted to do what they say. Post dividend shares should trade at ~12c. With 10m cash in the bank, a HwB with positive EBIT in this challenging environment. It has huge upside and operating leverage when conditions improve. Post dividend the EV for HwB is 10m (half what they paid).
PTL Price at posting:
19.5¢ Sentiment: Hold Disclosure: Held
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