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Originally Posted by Lizard 22 Aug 10
Originally Posted by winner69
Liz - wonder what a ALF balance sheet will look like without the ANF part in it .... still sick as I say
I'm guessing $40m equity tops. Debt down to $70m ish? Maybe still a bit higher than that.
Looks like $31.0m equity - or $44.5m prior to losing ANF. Debt about $73m. They say NTA 2.2cps, but taking into account ANF, bonus shares and 90m issued 4 Aug (presumably not cancelled ), I'd say 1.37cps.
Been a good trade for a few this week on Monday's announcement I would think. But difficult to see much value at current price unless they've impaired assets well beyond realistic prices.
Can't see any signs that Hanover assets went to ANF, so that is good. Net assets recovered are now allowed for at $94.3m and total assets acquired were offset by $45.9m of loans, so presumably they've allowed for $140.2m of total assets. Less $9.4m they say they've recovered and maybe allow to have spent the $7.5m of cash - so should be able to find at least $123.4m of ex-Hanover assets still on the books? About equivalent to the amount in Property Inventory, Property Investments and Loans & Advances remaining in ALF, so probably okay?
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