There will be a contra with both shares driven by the other. Value of SDL at 0.5 cents is roughly $50M and ANS $50M + $71M = $121M. It would be an interesting paper bid at these valuations (50:121) or 2 ANS shares for every 5 SDL. The cash in ANS distorts the upside in the project. At a share price of 2 cents it looks a bit better for SDL shareholders (200:271) or 7 ANS for 10 SDL. The Noteholders are owed $90M less $25M or $65M so their break even is around 3 cents. Presumably they would not depart early or other shareholders in at higher prices.
SDL Price at posting:
0.6¢ Sentiment: None Disclosure: Not Held
