Macquarie had upgraded their target price on CLO to $1.11 based on the strong momentum revealed in yesterday's update. They highlight that the tender pipeline is still large, and the balance sheet is strong. The interesting thing they mention is that there are lots of strategic possibilities Re: the M & R stake, the FGE stake, and the fact that all 3 co's have relatively new management. I also note the AFR ran an article last week mentioning that M & R might look to take out CLO as they know have the $ following a recent capital raising. All in all, this is great buying at these levels.
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Nick Poll, Executive Director
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