SGH 0.00% 54.5¢ slater & gordon limited

Ann: Recapitalisation Agreement, page-53

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    You haven't factored in the issuance of new equity, which is yet to happen. The market is valuing the 4% of equity held by current shareholders at $32m. By extension, they are valuing the 96% to be issued to the lenders (new shareholders) at $768m. The maths is $32m / 4% - $32m.
 
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Currently unlisted public company.

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