The TPG offers appears to be a debt/equity swop and a heavily discounted rights issue.
Current Debt 2.6b
Less D/E 0.75b
Less RI 0.3b
Leaves the reported 1.55b of debt
So...
D/E is 0.75b
Current market is 0.05b
Total value after D/E 0.8b
If 10% is still ours then we have value of 0.08b and thats about 10c a share.
Because TPG hold the debt I think they are able to make the best offer and this one may not be there final offer.
They will wait to see the others.
Watch management try to sell anything but the TPG offer unless the other offers want them out as well. They certainly will all want to introduce their own managers and possibly the whole of management.
Sorry management I am happy to take the TPG offer as it is but I think the final TPG offer will be even better. Not holding my breath for the others.
tpg offer
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