They finally managed to get rid of it. $6m for a business that had an EBIT of $100k for 2012. Not too bad really... It was always a non-core business.
So they should now have cash of about $120m with a market cap of $155m. The remaining business is therefore worth $35m.
There's probably not a great deal of risk here but also not really much opportunity to make a fantastic gain.
So the questions remain as to whether people see that the remaining business is undervalued, what will the dividend now be after selling a significant part of the business and what are they going to do with all that cash?
Interesting times down at Melbourne IT...
Please be aware that my calculations and assumptions could be completely wrong so do your own research.
They finally managed to get rid of it. $6m for a business that...
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