Ann: Sale of Ardents US business Main Event Entertainment, page-43

Yes it does. Its mooted in the announcement, the payment to holders is stated with a 1 next to it, that refers to the FX rate.

The original disposal announcement stated that proceeds would be A$640m. Had retained cash of A$150m, payment to holders of $430m, leaving other repayments / expenses for the cash of $60m.

The hedge that they entered into, guarantees proceeds of at least $664.5m (this was for US$485m, rather than $487m so potentially some slight upside depending on the final payment following any adjustments), which assuming they $150m and $60m remains and the upside all goes in the capital return, then this would increase the capital return from A$430m to A$455m, or an increase from 90c to 95c.

Balance of holding would therefore be a value of around 28c, or around $135m (with cash backing of $150m). Book value of Dreamworld / Skypoint is $115m which doesn't include any upward revision of land value assuming they can develop it. Hopefully a non-covid year in 2022 will mean Dreamworld can realise a sizeable growth in revenue.