Samuel Terry, page-4

Samuel Terry see value in HZN. Pretty easy to see if you look.
Simple as that.
They are very likely to expect, and get a board position.
There are two IMC aligned directors on the board. One of these will most likely go to make way for a ST rep.

Samuel Terry are active investors, i.e., they will try and influence the direction of the company to maximise shareholder value (and that includes us).

The main directions that I see are.
1) Large acquisition now - no spare cash
2) Smaller acquisition now and distribute spare cash
3) No acquisition ever - minimise corporate costs, distribute cash, company has limited life.
4) No acquisition now - mininise corporate costs, distribute most cash, slowly build a war chest to acquire an asset if/when POO falls

Given that the POO has recovered, quality assets at fire sale prices are no longer (unlikely to be) available,
Unless HZN can identify an "absolute cracker" of an asset, it is unlikely that ST would favour 1) or 2).

It comes down to what other shareholders think. I believe that many, if not most would favour 3) or 4).
If that is the case, then we can expect significant cash to flow our way, most likely in the form of a capital return.

My back of an envelope guesstimate is that we would see at least $0.04, and maybe $0.06+, in the next 15 months (2 annual results) depending on POO, and whether HZN wants to building a war chest (Option 4)) for an asset acquisition down the track.

Well, let's face it, this is what I think. I would lean toward Option 4),
However, I recognise that ST are smarter than me, and therefore, I conclude that whatever their plan is, it will more likely than not be better than mine .