I have done some work this morning to try to work out what the...

I have done some work this morning to try to work out what the Fox settlement is worth for CD2’s NTA.

Disclaimer: the horrific disclosures by the RE don’t make it easy – so do not rely on any of this, or assume it’s at all accurate!

From what I can work out, the Staple Street fund that bought about 76% of Dominion for $US38.8m called CD2 for about $US2m to help fund the purchase. See CD2's "Quarterly update for period ending 30 September 2018" and page 35 of the 2019 Annual Report which puts the value of CD2's Staple Street fund holding at $2.007m more than it was the prior year. (From what I could see, the Dominion investment / call was the only one made by Staple Street that financial year.)

Very roughly that would put CD2’s indirect piece of Dominion at 4%.

There do seem to be taxes payable on the payout, at least according to Staple Street –see the end of this interview on CNBC dot com. https://www.cnbc.com/video/2023/04/19/we-feel-good-keeping-fox-accountable-and-exposing-the-truth-says-staple-street-capital-co-founder-hootan-yaghoobzadeh.html

If you assumed the settlement was worth $US500m net, post all fees and taxes – (a very rough and broad assumption) – that’s $US20m / $AU30m to CD2. With 53m UOI that nets out to about 56cpu.

Again, again, this is all super rough and filled with assumptions. If I’m not hugely overstating it however, it should give CD2's NTA a very good jolt, and not only that, the jolt is all cash (on a look-through basis of course).