UGL: Giving the crown jewel away is not the answer. When there's something top-secret in the paper, it's usually because someone has a vested interest in the secret becoming public. UGL has been working on a demerger to separate its Australian services business from its global property business, DTZ. We own the stock, because there's value there, it's a cracking business. Every second day the AFR runs a story that a trade sale is looking likely (by TPG for $1.3bn). You have to question where this information is coming from and why is it being released. Private equity want this and they want it cheap. Fortunately Allan Gray, UGLs largest shareholder, is attuned to this and they agree with us. DTZ is worth at least $1.6bn. If management can't get that price, they should keep it or proceed with the demerger. (VIEW LINK)