Ann: McPherson's Issues Demerger Prospectus , page-9

re: Ann: McPherson's Issues Demerger Pros... According to the latest financial statement, the printing business made up ~$21 million of shareholder equity and 8% of the group profit. Over 18 million MPG shares issued as a result of the demerger, then the book value of MPG is $1.17 - presumably it'll trade at a discount to that. Pre demerger MCP was trading at a 37% discount to book value (which just made it look incredibly cheap given the earnings the group was generating). I'll take a punt and say 74 cents per MPG share, that would give MPG a p/e of about 6.7; it's really hard to say... I see the company as ridiculously undervalued so I'm probably overestimating how the market will perceive the transaction.