HISTORICAL share price aside, there is nothing untoward or in commercial about selling off low yielding property to reinvest in one's business if van earn a much higher return on capital. Note banks selling off branches, supermarkets selling off sites, State governments selling off infrastructure, etc, etc.
Recycling capital can actually be a sign of good capital and corporate management. You don't have the numbers the Execs have, assuming selling a site on a sale and leaseback is a sign of cash flow distress is a big leap and unfounded assumption.
We all know it's been a sector under pressure, look at JHC's peers before you call management a piece of dirt. Let the results speak for self, personally I believe this is quite undervalued.
JHC Price at posting:
92.0¢ Sentiment: Hold Disclosure: Held
