The way I calculate the see through value for EXT of CGNPC's offer for KAH is as follows:
The original offer for KAH was 290p p/s, which equated to a total takeover value of 756,000,000GPB, including outstanding options and convertible notes.
The new offer 270p p/s, equates to total takeover value of ~704,000,000GBP.
From this subtract KAH's cash on hand ~35,000,000GBP and the NAV of its holdings in NRRP ~7,600,000, which leaves ~661,400,000GBP.
Dividing this by the number of EXT shares KAH holds 107,242,087, equates to 617p per EXT share.
Dividing this by the current AUD/GBP exchange rate 0.6466, gives you A$9.54 per EXT share.
The see through value of CGNPC offer has increased by 22c p/s since my first calculation due to the A$ weakening against the GBP.
So the weaker the A$ is to the GBP the better the value becomes.
Hope this helps.
Regards
Steve
EXT Price at posting:
$7.70 Sentiment: LT Buy Disclosure: Held
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