EPIC something worth looking into and we will do so sometime in future. EPIC is originally a Kerr/Darby vehicle as explained here and Kerr continued as a director of EPIM after PGC bought it, meaning it’s his anklebiter. Baobab thinks it’s worth zero, Grant Samuel thinks it’s worth $20m and PWC thinks the business “is not sustainable” We think, for the sake of the EPIC shareholders, let’s rather say, hope it is worth the maximum in this range of $20m, which would mean Kerr’s original $158m Thames Water/Moto infrastructure investment play is now worth $20m for a -87% return. Ouch!!
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