Not exact matches
The combined company will have to
realise synergies, optimise its cost structure, deleverage and — hopefully — take care of attractive
shareholder returns over the years.
Seems like there may be a more serious / ongoing effort to rationalise / improve the portfolio, but obviously there's no indication when (if ever) substantial value might actually be
realised here &
returned to
shareholders.
Fortunately, when it comes to my disclosed Donegal Investment Group (DCP: ID) holding, it recently
realised a major asset, with the valuation of its other major asset to be determined by year - end (thereby triggering a disposal), and management committed to
returning capital to
shareholders via share buybacks.
Almost inevitably, that premium's now evaporated, leaving GRN trading at a discount... so instead,
shareholders barely
realised an 18 % gain (6.1 % pa, again inc. dividends), less than a third of the underlying NAV
return!
Well, quite a lot... in the past 18 months, we've actually seen Pageant emerge as a vocal & public activist, pushing NTR plc to
realise assets &
return capital to
shareholders.