could vpg tank..?, page-87

Hi find8,

under the terms of the Duke agreement, the following is from the announcement:

"Under the terms of the restructure, should Valad choose to sell Valad Europe within three years, the DUKE joint venture has the right to the net proceeds."

My understanding from the organisational chart in the announcement , is that Valad Europe incorporates the funds management arm. While Valad maintains the funds management, if they were to sell it in 3 years then net proceeds goes to Duke.

If we assume Duke is worth zero (possibly negative at this stage in the cycle) then what value could you reasonably assign to the rights. If you were to sell them and Duke was at best zero at present, BOS would get 50% and the money used in Duke and locked in for 3 years.

All my understanding and happy to be proved wrong.

Cheers