Below is a spreadsheet showing the value of CSE shares at different SYR values. Since CSE is 100% leveraged to SYR by virtue of the 11m SYR shares held, no other projects on the go and a stated intention to distribute or sell the shares, it is just another way of holding SYR.
SYR at $4.10 values the CSE shares at $0.312. *Calculations based on the CSE announcement pre 2014 AGM
Column 1 Column 2 Column 3 Column 4 0 {colgroup} 1 {col=234x@}{/col}{col=113x@}{/col}{col=115x@}{/col}{col=150x@}{/col} 2 {/colgroup} 3 @ SYR share price = $5.00 $2.50 $4.10 4 SYR Shares held 11,000,005 11,000,005 11,000,005 5 Proceeds of distribution $55,000,025 $27,500,013 $45,100,021 6 Cost base of SYR shares $300,000 $300,000 $300,000 7 Carry forward losses of 30/6/14 $5,689,550 $5,689,550 $5,689,550 8 Taxable income $49,010,475 $21,510,463 $39,110,471 9 Tax payable at 30% $14,703,143 $6,453,139 $11,733,141 10 11 SYR shares to be sold 2,940,628 2,581,255 2,861,741 12 SYR shares to be distributed 8,059,377 8,418,750 8,138,264 13 14 Value of CSE 0.377 0.197 0.312
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