closest to the pin - cape sale

  1. 539 Posts.
    lightbulb Created with Sketch. 9
    Thought we might post our "expected Cape offer" for closest to the pin challenge.

    My guess is an offer of 55M
    (29M Net to VDM)

    Detail below and I've deducted 3M for VDM mgt and board previously being underwhelming and guess the couterparty will come out with the better deal.
    Mav

    Details
    26M - Debt
    26M - Book value
    3M - Premium (company X made the approach)
    3M - for the 100M order book & going concern
    (-3M) - VDM mgt typically underwhelm
    55M Offer - Total
    29M Net to VDM
 
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