I think I made a mistake in my earlier posting that I want to correct.
I based my calculations on $232 million for the sale price to Nanshan.
I had copied this value from an earlier Hot Copper posting.
Now that I have checked I think this figure should have been $267,692,980
AIZ holds 913,503,208 shares in VAH which now represents 22.5% after new equity was sold to HNA.
AIZ have sold 19.98% of their stake to Nanshan = 19.98/22.5 * 913,503,208 = 8,1190,848 shares.
8,1190,848 shares * 33 cents = $267,692,980
and if AIZ manage to also sell their remaining 2.52% shares at 33 cents they will make a total of
913,503,208 shares * 33 cents = $301,456,058 The total AIZ investment loss is therefore approx. $72,000,000, or 19%.
It is still a large loss on a five year investment, but I think it was worth it for AIZ to escape from VAH.
I heard one business reporter today describe the AIZ / VAH split as the divorce made in heaven because it benefits both parties.
AIZ Price at posting:
$2.12 Sentiment: Hold Disclosure: Not Held
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