At the bottom of numbered page 3: "As at 31 March 2023, there was US$6.2 million in the LP cash account (which is controlled by the GP), and $10.3 million in the Fund’s cash account."
US$6.2 million is about AU$9.5 million on current rates. So at end March the total cash held was AU$19.8 million. But now there's also the Dominion cash which was received by the GP post year-end, totaling US$7 million. CD2's share of that is currently AU$9.4 million. So pro-forma cash at this point is over AU$29 million, or >55cpu.
If you back out the AU$19.8 million from last cited NTA (which didn't include the Dominion cash), you get non-cash NTA of AU$1.40pu.
Backing the 55cpu out of the current $1.26 unit price gives you 71c - and that's effectively what you're paying for that non-cash NTA of AU$1.40pu.
TL;DR: at $1.26 you're effectively getting the non-cash assets at 50% off. Seems pretty damn cheap given the performance of the underlying funds, and the fact that many of the realisations to date have been for amounts materially exceeding their book value.
On top of all this, there's a possible further bonus from Dominion. Nothing has been said about how much of the Fox settlement cash was retained by Dominion rather than simply being distributed back to Dominion's owners. I would be quite surprised if Dominion retained $nil from that settlement, and that view is consistent with the various estimates of our share of Dominion's settlement being materially higher than the amount that CD2 recently confirmed receipt of. If Dominion did indeed retain some cash then we should see that reflected in the end May NTA.
CD2 Price at posting:
$1.26 Sentiment: Buy Disclosure: Held
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