Q3 NAV amounted to EUR 151.4 p/s up 2.5% YTD, in line with our estimate of EUR 148.4Dividend policy will change from 4% split in 2% stock dividend and 2% cash into 2.5% cash on a standalone to avoid further dilutionMel Groot will retire as Chair and will be replaced by Jaap van WiechenHAL Holding will transfer place of effective management to NetherlandsWe estimate today's NAV to be EUR 152.1, implying a discount of 27%. We believe this was a positive update with changes to the strategy and governance which we believe may have a positive impact on the discount.
