Re Nick's recent big purchases. Most likely he has been able to...

Re Nick's recent big purchases. Most likely he has been able to secure some form of forward funding package (i.e. personal loans securitised against his shareholding in Phoenix). These type of loans are often offered by major investment banks or entities (like Macquarie) who have access to extensive information relating to stock they are securitising against, such as potential acquisition value based on ongoing negotiations or offers, so that they are confident enough knowing they will get repaid. These types of loans will often be very costly with high levels of interest which also means there is a strong incentive to repay them (e.g. through the sale of the company) as soon as possible.

Do we have any indication on what Nick's share would be worth based on a $1bn valuation?