better result than expectations, page-15

Thanks Hokey. My 5.50 call is a big one. Full year results and the final (bigger half) dividend will be announced around 11 Feb. The annual announcement will include an update on the Janus merger, which should make the larger combined business more secure, more diversified and more efficient.

HGG have every incentive to maximise its SP ahead of the merger - as does Janus. I expect management to run the business for cash to maximise short term profits and energetic mirror-flashing to dazzle the punters, like a fat dividend.

Ash