NAV of 140.03 is not correct with today's values. SBM holding is 20.81% (44,423,315 shares). I calculate that at the current market prices that the quoted investments alone are worth €9,190,500.000 (€107.63) With the market value of Hal at €9,511,896,464, (€111.40) this values the unquoted investments plus the net liquidity at just over €322,022,000. This is clearly ridiculous.
Volume in the market is exceptionally low due to holidays (and uncertainty) and so the share price is at levels where it is easily moved by small volumes. Allowing for the fact that the quoted investments already trade at lower levels than their peers due to the large dominant shareholding of Hal and the fact that the unquoted investments are substantially undervalued HAL will increase in value once again when saavy investors understand the real value of the Trust.
I have been a shareholder in HAL since 1992 and will continue to keep HAL as my core investment.