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

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MJS

2,280 Posts.

26

12/01/22

10:22

Post #: 58796183
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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).

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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
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