not so sure apples. Their offer seems to be about 600 million less than the secured debt.
In my opinion there were three parts to the value in AEJ. Firstly to avoid adminstration and value destruction. Also the tax losses that made up 128 million of the 400 million in net assets and the listed corporate structure.
Both GPG 20% and yourself will still hold the AEJ shares after the split and it will be interesting to see if there is any remaining value.
There would be several tests to fulfill but just maybe?
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