Assuming the full $150m buyback is operated, Lion will buy back 103.5 million shares (based on $1.45 NTA as per above) - 81.8m shares will remain on issue.
Assets @ 31/10 = $293m
less $150m cash
Leaving assets @ 31/10 = $143m
Allowing a 15% slide in the value of the listed assets (as per above) will leave NTA after buyback of approx $127.7 or $1.56 per share.
Trading at a 43% discount to NTA.
aprox buy back price, page-10
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