Ann: Strategy Update - Proposed Asset Sale, page-2

Cash + 308 Queen - net debt = 76cps if they sell 308 for 30 June val. M3 valuers generally pretty conservative and cap rate of 7.81% reflects that, so $34m seems pretty light. If they get 308 away for $38m, which in my view is a good chance, that adds another 10cps again. Tax not an issue because they have capital losses of $22.1m to offset the gain. Seems a no brainer at current prices because you will get your investment back within six months and then get the rest of the business for free.