Up for sale

Ummm. been looking at this one. Interesting to see share price reaction if the sale is finalised (note it is conditionnal on Vopak playing ball - why announce it without this being agreed???.). This, plus on-going pension fund worries, is why reaction has been muted. If it goes through the company could be worth £80M (£30M cash plus £50M for the rest) but we have seen companies in the past (e.g. Ferguson International) who have conducted an orderly sale of the various businesses for cash only for the pension fund to claim the rest and leave shareholders with nothing. Caution is therefore required on this one.