uoadev listing, page-14

As outside passive investors, we should be careful about sacrificing soundness of analysis with a need for precision. More often than not, roughly correct is good enough.

And roughly, you can actually give and take AUD$100m in my rough calculations, and you will still have a huge margin of safety on this.

To explain the discrepancies, $30 m in cash was the difference between $120m and $90 m raised from the IPO. I am being conservative and did not add any cash from UOS at all. $113 m difference in investments were explained in my previous post, but I am not including any finished development in the last 6 months which ended up in UOS books.

I found the IPO document really quickly on Google. The correct link brings you to a document which were divided into 3 main parts, and readable in pdf format. Once you find these IPO documents and read them, it is quite likely that you would be satisfied that UOS did not do a total "dump and flog" onto UOADEV.

But let's take it a step further, and ASSUME a dump and flog, so that you end up with the following UOS holdings:

$90m cash
66% of UOADEV
REIT

Do you think these are worth more than AUD$520 m ?