Ann: IAP receives revised indicative proposal from 360 Capital, page-5

First 5 Last

Share
Profile

Follow
MJS

2,293 Posts.

30

12/01/22

10:22

Post #: 58796183
Share

Originally posted by eigenvalue: ↑

In the last investor presentation, IAP specified net asset value per share equal to $1.60. Such a value seems about right, if the fast growing asset management business is valued at circa 3% of AUM (reasonable).

360 Capital Group's revised offer is for $1.72, so, a 7.5% premium above NAV per share and the current trading share price. It's almost an insult for a well run company. Also, if long-term investors are bought out, they'll have deferred tax liabilities to pay, so the premium is almost non-existent in actuality.

360 Capital Group continues to make reference to the IAP share price back in October: that's entirely irrelevant, as the whole REIT market has moved upwardly appreciably since then (about 8%).

Note to 360 Capital Group: think 35 to 40% premium to NAV and you may get somewhere.

Note to IAP: TOT is trading at a 22% discount to last published NTA; they own a lot of your shares: buy them (out).

Expand

That might all be true. However if it's taken 360 Capital to buy much lower and bring some value recognition to the business maybe management isn't all you think they are ‍♂️

IAP Price at posting: $1.69 Sentiment: None Disclosure: Not Held
Upvote

0 Great analysis

Reply

Top Stories

ASX Market Close: Index treads water as Energy stocks lead

BEO

One of the biggest jumps today is the most obscure: Beonic Ltd up +65%

HotCopper Trends: Vection's $7M, Liontown dips & Wildcat PFS

EMD

Emyria Advances kicks off National Rollout with Avive Health Agreement

WC8

Wildcat’s PFS elicits lacklustre response

First 5 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

Ann: IAP receives revised indicative proposal from 360 Capital, page-5

Top Stories

ASX Market Close: Index treads water as Energy stocks lead

One of the biggest jumps today is the most obscure: Beonic Ltd up +65%

HotCopper Trends: Vection's $7M, Liontown dips & Wildcat PFS

Emyria Advances kicks off National Rollout with Avive Health Agreement

Wildcat’s PFS elicits lacklustre response

Featured News