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...
what do ya reckon
-
- There are more pages in this discussion • 3 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)