Given that we aren't in any position to negotiate anymore (more or less) I'd say the previous closing price is a good guess. $24 all in, including holdbacks. Maybe $20 now and $4 held back. Lets say CHAMP pays 25% less and AFG takes 66% instead of 50%. That reduces our payment by 50%.
Our negotiating position:
*They still need AHUG apprvoal though getting around that would mean receivers.
*If receivers are appointed, there are debt holders with claims higher than AFG's (it was only mezzanine debt). This isn't a slam dunk for AFG. This would delay a deal with CHAMP and a delay may mean that a deal may not be executed.
*AHUG holders may be able to sue to stop the return of the mezzanine debt based on the AFG guarantee. This would at least be a nuissance and postpone a sale that's actually on the table today.
If CHAMP is renegotiating then it sounds like finance isn't an issue.
ahug meeting, page-4
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$1.38 |
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Mkt cap ! $373.6M | |||
| Open | High | Low | Value | Volume |
| $1.40 | $1.41 | $1.38 | $398.2K | 285.1K |
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| No. | Vol. | Price($) |
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| 3 | 12254 | $1.38 |
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|---|---|---|
| $1.39 | 15493 | 1 |
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