Once the tax relief asset is in ECRs portfolio it begs the question of who would look at it as an opportunity to use?
With comments like this taken today ;
In total the 10 largest producers have announced $912 million worth of divestments this year according to Bloomberg as smaller firms with lower overheads and more leeway to restructure operations pick up undervalued assets.
The Daily Star quotes David Coates, a Sydney-based analyst
With the administrators offices being in Perth which is 7 hours ahead we have to rely on them completing the appropriate paperwork and so I would say by 5pm their time which is 10am UK the second and final dividend should of been completed and all parties satisfied.
I don't know the legal procedure over there but there's one thing I do know is that MGA will be exiting administration imminently
We have not had one negative RNS in over 12 months. I truly believe when we regain control of MGA after it exits administration imminently, ECR will properly rerate. We will smash through 52wk high. Truly amazing opportunity to buy in at these levels.
Just remember, they have 300m shares invested in ECR. They are a high yield investment fund. This type of outfit wouldn't invest here unless they were confident of a good return. As long as they continue to hold I think we can all be confident that we will be heading north sooner rather than later.
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