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2,172 Posts.
203
31/03/08
09:38
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If you value AED's stake on in thejoint venture based on what SIPC has paid, I get the following valuation:
AED shares on issue: 154.5M
..............................per share
Cash on Hand.......350M...........2.27
40% JV.............411M...........2.66
Sub-Total..........761M...........4.93
Conv. Notes (est).(130M).........(0.84)
Net Valuation..... 631M...........4.09
Note: 40% JV value based on 60% JV interest = $617
Regards
SP
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