Takeover update?, page-12

I just wrote a couple of comments on AV Jennings. The first may have some relevance to Devine. Or may not !! The second is probably more relevant.


"I don't know what AVJ is worth.

But from memory they used to be capped around the same level as Devine (DVN). Now they are capped at $250m and Devine is $150m. Devine is up for sale, but seems to have trouble attracting a buyer at anywhere close to its NAV.

You can read this any number of ways. I also wouldn't be surprised if AVJ were looking to do a deal with Devine."

"By the way Devine's NAV is about 40% higher than its current share price. But I gather a quirk in accounting standards means it's not an NAV to rely on. I guess the same would apply to whatever AVJ's NAV is."