Ann: D2O Executes $121.3M Sale of Water Entitlements, page-2

Very nice strategic fund management by the manager here. PreTax NAV at Jan was $1.66 and Post Tax was $1.55.
Assuming the $121.3m was 39% of Assets $308.5m (31/12/24 Annual Report) it has some impacts:

1) NAV (Pre-Tax of $1.66) (say deal was done at 15% above "market" (why would you otherwise do "at market"?) - then 39%*1.66*15%=0.0971 or nearly 10c.
2) So I make it $1.76 pre-tax and $1.61 after tax (incremental tax at 30% and performance fee of 10% =6/10c nett.3).
3) Beyond that I now assume the "market" has now been re-set with the latest price (or even half way? - and the market is tighter on the sell side as there is less volume available... (I am adding 8c then 4c after tax for these factors) - so I am at $1.84 and $1.65.
4) I am thinking these have been sold at a profit (Mabye $20-30m - with 8-10 tax paid meaning there will be a move from $2m in franking credits on 31/12/24 towards $10m now - allowing larger ongoing franked dividends.
4) Finally Assets will fall by $105-120m (depending upon the %age above NAV the sale was done at - and apart from the $19m of settlements on new purchases - debt will fall by $90-$100m
5).Assets become $200m (was $311m at 31/12/24) Debt becomes $16m-26m (was $116m at 31/12/24) - so gearing reduced from 30% (31/1/25) to circa 12%-15%.

Finally ex-div 7/4/25 3.71c fully franked to be paid 24/4/25

So I am calling Pre-tax NAV circa $1.84 (+/- new market vales after sale) and post tax circa $1.65 (+/- new market vales after sale) with franking of 8c allowing fully franked dividends of circa 22c available.... Buyers at $1.33 should do well...