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Vivendi confirmed that its Board had approved the demerger of SFR (the French mobile phone business) and that Vincent Bollore (5% shareholder and currently deputy chairman) would become Chairman of Vivendi next year. This further progress towards splitting the conglomerate into two separate companies is very positive. The share price has moved by over 20% since the summer when details of these plans began to emerge. This move has already had an impact on the discount at which Vivendi trades. The discount has narrowed to 15% since the summer, but more importantly it also sets the scene for potentially boosting the value of these businesses once they become separately listed. Whilst we haven’t formally increased our NAV, we do see potential to do so once details of capital structure and returns of capital become clearer.