Article about Devine, page-4

Thanks for posting.

The issue of developers being on big discounts to NAV is not new. Even a nicely profitable company like AVJ sits on a 30% discount.

I suspect that the true position is that previous management, to put it at its kindest, royally screwed up the company, and the NAV,which I think at one point was 140c, was massively overstated.

The biggest loser from that has actually been CIMIC. Their bid seemed low at the time, but it’s turned out to have been way too high. Mr Brazil should have taken the offer.

Of course, CIMIC had 50% from the start, sat on the board, and probably haven’t covered themselves in glory either before or after assuming management control. But I highly doubt that it’s a deliberate ploy, or that there has been any share price manipulation.
I would imagine that CIMIC would be only too happy to see performance improve.