LEI announce they want to dispose of their 50% interest in DVN - but nothing has happens! It is now nearly 12 month since LEI announced it wanted to dispose of it's interest in DVN - a couple of announcements nothing of substance.
Profitability of DVN is poor in a market that is booming. Recent TV new reports of a complete sales of apartment ' off the plan' in 24 hours . Where is DVN ?
AVJ a business in a similar market produces significantly more profit and the return on investment is substantially higher than DVN.
Directors are coming and going one announced his resignation only to be 'persuaded' to stay on! The management stays the same big salaries and bonuses but nothing for the shareholders.
Never any meaningful information on the progress of the negotiation of the sale of LEI's controlling interest.
Now the shares are selling significantly below the NTA which would seem to indicate that the value of the business, land and other assets are overvalued. The directors should earn their fees with a proper in depth valuation of the company and it's assets and make an announcement ASAP.
DVN Price at posting:
80.0¢ Sentiment: Hold Disclosure: Held
