Latest reported NAV is 188.695p. About 90p of that is future cash from BCA acquisition. Compared to current sp of 129p there is a substantial discount to unwind here.
Looks as if the sunnier uplands have just receeded a year or more into the distance. I think I'll put my shareholding in the folder marked: 'Open in August 2020'.
Given that the sum of the parts, reflecting the net £93.84m from the Bulgin sale, is likely to be in range 63/65p there is a clear short-term trading opportunity here at the current sp.
Today's news is welcome although I feel this will be a 'slow burn' towards £2+. Feels like a 'buy and hold' stock' with a decent 4%+ dividend. Capitail Markets day on 19 November is next key event which, hopefully, will reinforce investor confidence.
Scheme meeting and AGM on 7 August need to approve takeover. Guidance, so far, is that takeover will complete in H2 2019, following regulatory clearances.