baycorp sale, page-4

I sure you two won't be the only interested parties on Monday...

Although it's not yet clear if the convertible notes are repaid at face value ($39.7m) on sale or stay on the books or are discounted. If it were to be repaid at face value, plus shares valued at $44.6m (based on 17cps), then this adds about $48m or 52cps to their Feb NAV calculation... makes $2.68 NAV. (Plus about $36k for the 4.2m ISF warrants that are in the money at 0.1614cps)

Even at a 25% discount to allow for uncertainty, it would see $2.

Have fun!