In an ASX announcement today IWI, notified the market of its Net Tangible Asset position, as of 20/01/03 based on a $10.50 takeover price for BRL. The figure was $3.95 per unit pre tax. The Wine fund is not a taxable entity thus the unitholders pay any Capital Gains Tax. Currently IWI which holds almost 11% of BRL shares on issue, plus an option to increase the holding by another 2%, is only trading at $3.13 at the moment. This is a significant discount for a near cash conversion of their investments. Also there is a rumour of a further counterbid above $10.50 to come. There must be significantly more upside, and virtually no downside at these levels. Do your own research. Only 58 million shares on issue.
IWI Price at posting:
0.0¢ Sentiment: None Disclosure: Held