Was a very strange section on the strategic review in the annual...

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.