That's what I was thinking, 2yrs for final resolution. I think the final appeal for the lease would be completed by earliest late next year. There could be some deal struck for the Vendor to drop it, but I don't know what that would look like, why he would deal, and even if he did, why ASM wouldn't just be content to wait it out.
ASM may sell Aristo this year, collect the circa A100m (that number is a big assumption obviously), pay off the debt, leave enough working capital, distribute surplus and just let Star Vegas trade awaiting the lease resolution. Its hard to believe anyone could buy DSV now, so there would not be a competitive bidding process.
We may end up in a scenario where DNA trades at a couple of cents after sale of Aristo and special dividend, and therefore ends up a big gamble on the lease outcome. With a couple of years of DSV cash flow and potentially A100m+ sale (maybe 4 or 5 times sustainable EBITDA?) best case scenario.
DNA Price at posting:
7.9¢ Sentiment: None Disclosure: Held
