Regarding my analysis on Zamano PLC, regulatory changes forced Zamano´s management to close down its business earlier than I anticipated.
The recent sell-off drove shares down to a level where the companies (anticipated) distributable cash exceeds market value by a significant margin of safety. Nevertheless, this statement is provided on a stand-alone valuation based on the company´s previous financial results. In the meantime, cash holdings could have changed significantly, providing no excess value for shareholders. It remains to analyse next financial results, expected to be disclosed by end of march.