Whole thing is just plain stupid. We got into debt to buy fund management business. Fund management can't pay for it own cost(interest and debt), we have to sell our best assets, pay cgt, pay seperation and pay off all the loans then hope somehow fund management will be valued at higher multiple.
If we get $14 to $15 cash and leave some debt against new business say $500mill then l will vote for this separation. I still don't understand why we need zero debt.
Market Research, page-5
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