If we believe anything that we've been told about the sale of the 2 IT businesses the after tax value is circa $22m = circa 15.8c
TSi - the great unknown, but if we use the last valuation of circa $7m = 5c
SP cant go above 20.8c.... and perhaps these new guys see that as a breakeven worse case scenario.
Best case scenario for them is perhaps..... if you don't return capital $25m = 17.9c and sticking with $7m you get total of 22.9c.... so you're getting good value here and you get control of $25m in cash to go out and try and acquire a business.
Even better if TSi is actually worth more (perhaps) but only if you can actually flog it.
What's peoples thoughts here?
VOR Price at posting:
19.8¢ Sentiment: Hold Disclosure: Held