re: Ann: Notice to Shareholders regarding Fac... Not bad, but a few amendments.
They specifically say they will be paying out the $72m recently received. Strip out fees etc and let's call it $65m. That's 50cps, not 66cps.
Your 3 years is probably fair, but I'd use a bigger discount rate. This is a very risky investment.
1. Apart from the one payment later this year, you're buying a pig in a poke until 2012.
2. AIQ's direct leverage is substantial and the hedge funds it invests in are also leveraged.
3. And it seems we're going into one massive recession.
All in all, I'd say AIQ is reasonably priced at the $1.10 or $1.15 level. I don't plan on selling, but I sure won't be buying any more neither.
By the way, if anyone has the NTA for April for (the unlisted) EBI units, I'd be interested to hear it.
Ann: Notice to Shareholders regarding Fact Sheet , page-3
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