MXUPA have a subordinated guarantee from Brookfield Multiplex, so at a group level, gross assets at 31 December 2008 totalled $8.992bn, offset by liabilities of $4.588bn, giving net assets of $4.405bn. Sitting off the balance sheet is an acquisition facility guarantee of $1.1bn that relates to Brookfield's purchase of Multiplex, which should be reduced by a further $200m in April 2009. So the true net assets stand at $3.504bn, which is 7.8 times the $450m face value of MXUPA. So in short, there is plenty of equity to go around!
in the world of hybrids and a cheap stock market.
MXG Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
