Was a very strange section on the strategic review in the annual report. Seemed to be 10% focussed on justifying the decision to retain external management of the fund. The sale of SEW doesn't seem to be as high a priority now, which is probably the biggest protection against takeover. I think with SEW out of the way takeover would be a near certainty.
Love the assets but hastings are fairly compromised; sale of SEW would intensify the calls for internalisation of management, any takeover would remove a revenue stream for hastings. That said the growth prospects for epic are great, I'm happy to hold on for the moment. Still think 2.50 is not an unreasonable valuation.
HDF Price at posting:
$1.46 Sentiment: None Disclosure: Held
