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Ann: New Loan Facility, page-11

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18/02/21

08:25

Post #: 51101752
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Originally posted by Portfolio: ↑

ok. I have read that. I assume EGP has done a lot more work on it than me but looking through the web you get property like the below at Php 4000 /m2 inside Clark Freeport zone (ours is really just land value at the moment I assume). Now I am no expert on the area so I dont know how comparable this property is but doing the maths:

We have 300,000 m2 at an exchange rate of 0.027 x php 4000 = $32m AUD valuation. This would still be a decent outcome but a valuation like this makes more intuitive sense to me given the deal with Nic. I doubt Vern would have handed him a valuation that was half or a quarter of what the land was worth.

https://www.carousell.ph/p/farmland-for-sale-inside-clark-freeport-zone-1069750367/?t-id=uQOIgYd3ig_1613595465420&t-referrer_browse_type=search_results&t-referrer_request_id=VSKMSn8baDw4z8Ru&t-referrer_search_query=clark%20freeport%20zone&t-referrer_sort_by=highest_price

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The other reason the major shareholders would be bailing Site out with the loans I assume is that they just lose the land in the event of insolvency dont they? The below is from the 2017 annual report. Again I dont profess to understand the terms of the lease and how to negotiate with the CDC but from what I know about property and gaming officials in Asia this would be anything from a straight forward negotiation if you know what I mean.

SIT Price at posting: 1.6¢ Sentiment: None Disclosure: Held
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