Forum Archive Index - August 2000

[Robert Cox <robert_cox@icanz.co.nz>]

Peter,
Merrill Lynch report (on ITC website) had Exo-net at $8.5 million.
They valued investments at "cost/implied value latest round of financing".
They had a total net asset value of 23 cents per share.
Sale of Exo-net at $12.7m adds an extra approx 3 cents, by my calc, making
26 cents per share.
Difference from this to market price to my mind represents the markets view
of potential growth in value of the other investments plus ITC management's
ability to do future deals and create shareholder value.
Regards
Robert
(hold ITC)


> -----Original Message-----
> From: Peter Maiden [SMTP:pmaiden@today.com.au]
> Sent: Wednesday, August 16, 2000 8:59 AM
> To:   sharechat@sharechat.co.nz
> Subject:      [sharechat] ITC - sale of exo-net from an Aussie view
> 
> Hi 
> 
> Those ITC fans thought you might be interested in this story from
> thestandard.com.au
> 
> http://www.thestandard.com.au/articles/display/0,1449,10547,00.html?04
> 
> Maybe a good time to have a look at Solution 6 again
> 
> For those who expected a spike in the ITC price I think you need to assume
> that the price received was already built in to the 37 cents. The last
> valuation (look at the Merrill Lynch report on the ITC website) already
> had an implied $9-$10M value and even then NTA per share was still
> negative - at least that what I got out of it a quick read. 
> 
> Have a few thou ITC in the bottom draw for cashing in a few years.
> 
> Peter 
> 
> --- Move to a better address ---
>        + today freemail +       
>     http://www.today.com.au     
> 
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