Pretty simple to realise alot of value from here
1. Sell Investment portoflio
2. Payout surplus cash with franking - say 90c per share with 38.6c franking
3. IPD trading at 16.5 times EBIT. Take a scrip deal for say 7 times EBIT. $15.2m x7 = $106.4m or $3.67 per share
Result (ignoring the removal of various duplicate costs)
1. IPD get a very accretive acquisition
2. ECL shareholders get $4.96 value
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- Ann: Earnings Results Update FY23
Ann: Earnings Results Update FY23, page-9
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