ttxpa instead of hdf, page-13

sgoni
I re-calculated the rate of return assuming the following:

- Buy TTXPA @ 65
- receive interest coupons based on average BBSW of 2.75% (this average includes the distribution later this month which had BBSW at 6.96%)
- conversion discount of 5% giving ($102.56/VWAP) number of shares per note
- 35% discount between VWAP and selling a few days later (your conservative exit assumption)

The equivalent rate of return is 12.2% per annum. (note I have not placed any benefit on the tax deffred nature of the distribution)

If they sell an asset, and they redeem TTXPA for cash, the rate of return becomes 52% per annum to July 2010.