Just spent the last few hours reading and thinking about the two...

Just spent the last few hours reading and thinking about the two EBI options...in a sentence...whilst it appears to be a logical solution, what an ugly mess!

Option 1: Transfer to the new trust - seems to provide a more certain investment outcome (diversified portfolio, hedged, swap in place, management with material personal interest, orderly unwinding of leverage), but a massive sting in the tail via realisation of tax, yet limited liquidity accessable to pay the bill.

Option 2: Wind up of EBI - in theory, wind-up should generate quicker liquidity but not sure that this will be the case. Main uncertainties are how orderly the wind up will be and diversification over time. Maybe the big question will be whether the interests of small shareholders will be aligned with Laxey and co. eg they are big enough to hedge their positions, thus they may be happy to leave EBI unhedged.

Anyway, just initial thoughts and hoping others will share their views.