Industrial products and services conglomerate Torre, which trades at a sizeable discount to the value of its underlying operations, says it will explore all options in unlocking value for shareholders. At an investor briefing following the release of interim results on Tuesday, Torre management fielded a question around whether the most value could be unlocked for shareholders by selling the business to a larger competitor. Opportune Investments CEO Chris Logan noted that Torre had issued R1.3bn worth of scrip to fund acquisitions compared with a current market value of about R500m. Torre also carries a net asset value of about 182c per share and tangible net asset value of 139c per share compared with a market price of 114c. Torre deputy executive chairman Jon Hillary said management would look at all options to ensure value was unlocked for shareholders, including possible merger and acquisition activity. "But this is a fairly young business that we have positioned for sustainable...
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