Orkla’s share price rose 10% on the back of improved Q3 earnings figures. The transformation of the group over the last few years into a pure play branded consumer goods company is almost complete. This has led to a contracting discount which has benefitted us alongside the special periodic returns of capital over the years. As a consequence of the narrower discount we began reducing our holding.
British Empire Securities and General Trust p.l.c is referred to as ‘British Empire’ throughout the website. British Empire’s investment managers, Asset Value Investors are referred to as ‘AVI’