Ann: IM3NY Update, page-14

This seems ridiculously good (correct me if I’m wrong)?

We’ve lent out the money on good terms, but the best part here is we can convert to equity at US$300m valuation.

Would be good if someone could double check my maths, assuming MNS has 62% of 300m prior to dilution that’s $186m, plus $18.5m conversion; now at $300m having 68.1% (their stake worth US204/ A305 at the US300 total valuation). Ridiculously we’re now trading at a huge discount to this base case valuation and that isn’t including the AAM or Nachu stuff!

Here is the kicker… if HSBC is now out raising at US1.5bn valuation, MNS has effectively turned the $18.5m into ~$90m! (Assuming they choose to convert to equity)