Vic Harris

they're being um hit a bit because of all the weight loss drugs and everything and people aren't buying so poor so yeah anyway it's going to be split off so if you want to invest in primark you'll be able to invest in it like purely as is and if you want to invest in like twining's tea and all those brands you'll be able to invest in that purely as is it's interesting like usually when companies are combined like that there's like a discount that's put on them because they're together and because there's such similarities kind of like

Investment company.

That is a classic example of, you know, they've got like this conglomerate discount because it's a company that buys other companies.

But it's kind of like an ETF.

Like the overall business, ABF.

is actually trading a massive discount to Zara.

So the value is not being realized.

And so investors are like, you know what, let's just separate them.

But Primark's also being squeezed by there's so many competitors like Sheen out there.

I mean, they've both got their issues, but at least they can be valued appropriately.

and these issues relate to that, these issues relate to that.

Yeah, and I think it's just realizing that this can be actually quite a good thing sometimes when companies separate.

Because if you own a business and then it does separate for whatever reason, you get shares in both businesses.

So then you can kind of decide.

So there's usually a bit of a washout because people are like, oh, well, I only ever wanted to own Primark, so I'm going to sell my, you know, yeah.

So there's a bit of a washout.

But the lesson here is... Is it a lesson?

And the fact that, you know, Primark is owned by the same company as Twinings.

Yeah, bizarre.

Yeah.