Still reading the fine print of the CN offer.
"Standard anti-dilutive adjustments including Conversion Price adjustments for all dividends
paid by New Hope."
So what are directors anticipating for divs for the next 4.5 years ?
OK, we know the Conversion Price for 2026 is set at $2.10.
Let's assume that NHC pays divs between now and 2026 of 12c per year.
Seems very, very conservative given the current coal futures out till then.
DCF of those divs is 50c (4.5 years).
So the value of those shares today is $2.10 less 50c = $1.60.
So, from this maths, directors are expecting divs of only 11c - 12c per share per year for the next 5 years.
If they really thought that 20c divs per year was probable, then the CN's are the best investment on the market.
So we should temper our expectations on divs, starting right now.
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