29.6c is an unquestionable value, but whose to say .087 ARN Newco shares can account for the rest? The ARN SP would need to hold up a 77c value if SXL shareholders were to break even.
Their 87% conversion of SXL shares would increase A1N shares on issue from 313m to 522m. Based on the latter, market cap would need to be $402m, from the current $255m~ for the SP to land on 77c.
There are no guarantees that the market cap will increase in-line with the value of acquired assets. Case in point: HT&E (A1N) aquires Grant Broadcasters in Nov 2021 for $307m. The HT&E SP was roughly $2, market cap roughly $550m.
IMO, if you believe the SXL SP cannot improve beyond what it is right now, then the best value you could extract is if you sold right now.
Ann: A1N:Update on Non-Binding Indicative Proposal to Acquire SCA, page-4
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Last
52.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $124.7M | |||
| Open | High | Low | Value | Volume |
| 51.8¢ | 53.0¢ | 51.5¢ | $174.4K | 335.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 5984 | 52.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 52.5¢ | 14695 | 8 |
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| Last trade - 14.47pm 01/11/2024 (20 minute delay) ? |
| SXL (ASX) Chart |