OK MFS holders and other interested parties I am tring to work out what is left in MFS
Working on last years financials and releases made they sold Stella for $409 million cash plus $905 million no longer consolidated on balance sheet debt
Liabilities held for sale was 1402 million so reduces this number down to 497 million
Therefore as at 30/6/2007 numbers taking this away leaves debts as current 281 non current 426 residual liabilities on assets held for sale $497
Cash raised Stella $409 million
If this was all applied to reduce debt the position would be net debt $795 million
Then I am trying to work through other sales
Girsh sale says $20 million but shared between MFS and MFS Pacific Finance
Domain says a profit of $43.4 million and talks about loans of 50 million to MFS and associates in loan repayments which is not same as subsiduaries so could be some or all of this cash came to MFS
Park Hotel $5 million cash in
I know there were other sales and started with 167 million in bank less tax of 67 left 100 million in bank or was this Stella money ??
Assets left Stella 35% Interest in MFS Living and Leisure Interest in MFS Diversified (some sold some held I understand) Management rights to above two (tenuous) Sun Leisure Sun kids Cahills Observation Deck New Zealand business RE rights to Income Fund and other funds
I am not sure if I have missed any asset or sale of asset and please feel free to give opinion of how much cash they have got in the door and correct any mistakes.
Then can start to put some values on each of the above and income streams and maybe we can figure out its approximate value and ability to survive
I think that there is still a residual business here but thought we could do our own strategic review
MFS Price at posting:
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