IIF sold some Canadian property assets as a distressed seller recently for a discount to book value of 18%.
Given that it is Canada not USA, and that assets were retail not industrial, and that IIF is more stressed than MIX, I work out the following as it relates to MIX @ 31/12/2008:
Book Value (USD) $535.7
sale discount - 18%
Sale price (USD) $439.3
Less debt (USD) - $363.8
Net equity (USD) $ 75.5
Current AUD 0.72
Net equity (AUD) $104.8
# MIX units 362,400,000
Net equity cpu (AUD) $0.289
Less hedge loses - $0.04
Less minority int - $0.04
Net proceeds to shareholders of AUD $0.209
At 8.1c still represents significant upside under this scenario...
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