I suspect this announcement has been some years in the preparation. It moves HNG from being a conglomerate to a focused business with worldwide reach.

Market response has been very positive on a small number of trades.

HNG has reported its half-year results (https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02951717-2A1599040&v=04711220c3a57065317ba4efca4a3459a4e46882).

It has consolidated its operation and changed its focus so that Global Uniform Solutions is now a significant part of its business. It is therefore impossible for me to compare YoY results. Following the release of the results, its share price dipped 5%, but is now up 2% - nothing spectacular. They have realised losses and also carry unrealised losses on holdings, but still have NAV above SP. They sold at a loss to fund a significant acquisition without needing a CR.

This company seems to have a plan and has a track record of execution, so I await the next half's results.

Held in RL and SM

HNG has offered to bring its High Commitment fund (HCF) in-house in exchange for equity in HNG (see below).

HCF is significantly under-valued, and its price has spiked today on the news.

I follow companies with excellent management. HNG is one of those companies. Under the leadership of Sandy Beard the company has been transformed from a 150 year-old, loss-making conglomerate of various companies with NTA of 14cps, through re-organisation and streamlining into a profitable company with NTA of 24cps, and expanding into activities that management has proven delivery expertise in. 

I hold this as a long-term investment IRL.