Can't fault the formula .... But I can fault the logic
1) If I recall correctly it was really difficult to trade (i.e. sell) in the period before SOA took effect. Here's the immediate week prior
So, I'll accept $5.94 x 2 for ASX close or $11.88 to account for consolidation ... which becomes US$9.33
2) Don't accept the $13.00 as legitimate starting point (don't even accept 1st day close ... limited trading at best for former ASX holders). I'll accept $11.37 as the average close for the month (even that is distorted)
That gives you approx US$2 gain or 21% gain due to the redomiciling process. Then of course the rest is history for E&P with lower for longer price scenario which has nothing to do with redomiciling.
Be akin to saying that if SEA opens at AUD $30 (after 1:100 consolidation) on NASDAQ after it now trades at $20 that you get a 50% gain .... we were almost at $30 a couple of days ago!
Still not buying it ...
SEA Price at posting:
19.5¢ Sentiment: Hold Disclosure: Held
