Hi @lost,
I did my workings off the Dec 23 balance sheet, then made the following adjustments:-
1. Adjusted the difference between closing share price of GQG as at Dec 23 of $1.70, to the sale price of $2.16, then adjusted the net proceeds less tax on that portion of difference given the financials at Dec 23 already had a deferred tax liability noted.
2. Adjusted the small difference between book value and sale of the (3) boutiques, ~$3m
3. Applied the FMV uplift in the Feb presentation of $134m
4. Applied further deferred tax liabilities of $30.3m on the same page of the fair market value.
In regards to the net cash position assuming we repay the soul patts debt and pay the tax on the GQG sale, we could be looking at ~$270m.
If we proceed with a 10% on market share buyback, this will only cost us around ~$55m and leave plenty of cash remaining. Anything higher in terms of shares re-purchased will need shareholder approval. I guess nothing else will happen now until after the shareholder vote for the sale of the boutiques and management company.
The new operating structure, will add roughly $0.10 a share to earnings going forward and hopefully the stock can re-rate closer to the NTA. Surely some arb funds will start accumulating at these prices???
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