Ann: DTZ Sale Completion & Ichthys Update, page-17

Apart from the potential provisioning, there's also a component of institutions evaluating what the rump of the business is worth ex-DTZ.

$2.3 billion of revenue on a margin of ~3.7% and after making allowances for engineering's share of corporate costs, interest on the reduced debt and tax will yield a prospective NPAT of around $43m, putting UGL on a multiple of just under 11.0x, which is still a point higher than Downer (trading at 10.0x forward earnings). Not quite apples and apples - but there is a lot of overlap in the type of work they do.

To the extent the $3.00 distribution will have a component of unfranked dividend, there's a small negative effect there too due to being taxed without the benefit of franking credits.