Just back of the envelope, but if one third of the shares go to ajq holders, and the other two thirds get distributed to the new MacArthur shareholders who pay ~$65 through the ipo, ($40m of which is paid to ajq, $25m of which funds the newco,) then the 1/3 of shares distributed to ajq holders will be worth ~$32.?m on ipo day, all going well. And that is 2/3's of today's ajq market cap.
Ann: Proposed Amendments to Secured Amortising Notes, page-16
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