History and Outlook, page-75

LOTM - I am V. surprised ttat you say that you were 95 % invested in AZZ several years ago as over the last 3 or 4 years your numerous postings have all as far as I recall have highly critical of management & utterly dmissive of the value of the Companys assets.

I have a serious investment in AZZ from 8 or so years ago but had I taken note of your warnings I would have sold years ago.

I also have serious investments in 1/2 doz other companies which are doing quite well & 1/2 doz that are in trouble. I don't believe one shoule ever have 95 % in any one company.

I am well ahead on AZZ thru sales/ buys & my current holding cost about 40 cps.

My feeling is that AZZ is worth much more than 50 cps now. If the interested party can negotiate the sale price down 1/4 to say ard. US $ 200 m ( in spite of the signed S & P agreement at US $ 250m ) on the ground that the whole oil sector has fallen that much in the last 3 months , then AZZ is no worse off because it can surely buy for US $ 200 what would have cost it US $ 250m only months ago.

Despite dire predictions re the payout near due on the notes, StockAnalysis who I wager are much closer to AZZ management than any of us , have always been of stated opinion that ANZ will replace the debt at a better rate than the current 10 % - to the obvious advantage, of AZZ

I am firmly of opinion that one has to have a optimistic frame of mind to succeed in this share buy/sell game


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