Just a quick note on across the pond activist; John Menzies has Lakestreet Capital as an activist pushing for a split of the airport services and newspaper distribution company. With the split, Lake said the upside would be 70% to roughly £415m (yes, it’s a London company).
The activist is a Swiss fund, owning 3% of John Menzies. It’s had talks with the company and decided to get involved after a slow downward spiral (down 40%) over the TTM. Sum of the parts, spin this off, higher multiple, done, is the thesis here.