show your math, your numbers are wildly off. $250mm cash at end 1Q, their liability to US is capped at US21mm from the shareholder agreement date ie June, basically end of 2Q. ie they have to cover another quarter of burn in the US biz. they burnt $70mm in FCF in 1Q, most all in the US. Call it $60mm in 2Q, so adjusted cash now is $190mm; less $21mm US after that ($32mm AUD) gets you to $160mm, then add $200mm of gross sales proceeds ($222mm less my estimated transaction costs) - divided by 328mm shs fully diluted = $1.1 a share.
this assumes, actually, they basically keep no cash at holdco level post the deal. what if they decide to keep $50mm to fund Canada growth, Aus, etc.?
Ann: Pause in Trading, page-75
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