They state NTA, marked to market $4.50, and cash of $1.03. I...

They state NTA, marked to market $4.50, and cash of $1.03. I note that the NTA is supressed while retail holders of IBA sell down their interest to take up entitlement which closes tomorrow 6th April. Note that IBA have indicated good response to offer. I feel that once the issue closes the price will rise rapidly to 70 cent level and then 80 cents within 3 months.

So AEP stock is trading at $2.20, cum a 65 cents capital return. I think they will take longer to effect capital return than indicated as the ATO is very slow in approving capital returns. But once done, and at today's NTA you would have a stock (if bought for $2.20) owing you $1.55 with an NTA at $3.85.

AEP, by announcing their intended course has effectively announced to the world that their 3 assets are for sale. Their holding in IBA is strategic, and thus they have the ability to put it in play. I suspect that over the next 6 months there is likely to be offers to acquire their stake with a takeover of IBA. This should attract a price of $1 or better for their IBA holding. Do the maths on this and you start to see the latent potential in this stock

DYOR