UGL Needs to Protect its Crown Jewel

When there’s something top secret in the paper, it’s usually because someone has a vested interest in the secret becoming public. United Group Limited (UGL) has been working on a demerger of its business for the best part of a year. The theory goes that separating its Australian services business from its global property business, DTZ, is going to create value for shareholders. We own the stock, because there’s value there. DTZ is a cracking business. It’s been growing healthily for a long time, has significant exposure an improving US economy and a large Asian footprint coveted by its...

When there’s something top secret in the paper, it’s usually because someone has a vested interest in the secret becoming public.

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