Ann: JBL announces scrip bids for HML and BHD, page-79

Some rough Friday arvo math here, tell me if it's borked:

JBL has 25,694,957 shares on issue, NTA 0.3091, so asset value = $7,942,311
HML has 32,346,922, NTA 1.44 (doesn't allow for recent dilution, insert today's number here if we ever get it), asset value = $46,579,568

If offer proceeds (HML only, discard BHD), JBL will have 56,424,533 shares on issue, then combine the asset values above and divide, you get an NTA for the combined entity of $0.96628

They would argue: we wouldn't be paying mgmt or perf fees going forward and that JBL should not be valued by its NTA but by future earnings. I would argue: what future earnings??? Since they're no longer bringing in any fees!

It really would be a big hard reset. with HML holders probably giving up any hope of an exit, and JBL holders giving up any hope of future fees from the LICs. Is it win-win or lose-lose? Hah.