Forum Archive Index - February 2000

["ritchie marr" <ritchie_marr@hotmail.com>]

I was under the impression that 150 million was the valuation of iHug and 
the negotiations were for only a 30% stake.

I was also under the impression that Eric Watsons option to increase his 
stake by 17 % was an option over the Tiong Family's holding....which perhaps 
have negotiated to keep their stake.

Now here's another interesting point. Everyone is talking about AQL being a 
cashed up shell. But It actually doesn't appear it will be at all. Firstly 
if the directors decide to sell only enough shares to reduce the debt of 
NZ$10 million, having raised nearly $6million, they may only cash in $4 
million in shares. As noted in the article they are looking to sell the rest 
only when an "appropriate" time arises.
Of course this could be immediately, but if not there is no cash to buy any 
new asset with. They will only be left with 94 million shares according to 
my calculations as 24  million will be required to make the 4 million 
balance to eliminate debt. The result is A$13 million worth of shares not 
cash left.

I offer these views but inspite of the content I am absolutely not cynical 
at all. I like to question things and challenge opinions and percieved facts 
but I have the utmost faith that this share will please us all in the end.
Ritchie

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