Hi Grant, good to see someone with the same calculations. I am still holding on because the normalised SP should be around 11-12 c rather than 9 after dilution. But $60m profit is a lot more achievable now because the GBP$250m convertible note is interest free. In total the interest bill dropped from AUD$35m (for $700m + debt) to AUD$3.75m because the outstanding snr debt is only $75m, if SGH makes $0m profit last year, if everything stays the same, they would have make $30m just sitting on their arses. If they can get some dosh from Watchstone (not sure where the money is coming from, but assume 50% chance that the case succeeds hence additional GBP$300), then potentially the sp can be back in its 30-50 range.
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