Forum Archive Index - August 2002

["tennyson@caverock.net.nz" <tennyson@caverock.net.nz>]

Hi Richard,

>
>
>Us in the kennel club will be smiling this morning BIL up 4 to 63 =
>against a falling market.      ::::)))))) Hoop Disc: own this woofer
>and a happy owner  this year.
>
>


No doubt in response to the headline:

"BIL International approves sale of Thistle Hotels"

as it appears on 'sharechat'.   Closer inspection of the article
reveals BRY they haven't actually sold Thistle.  They have just given
approval for it to be sold.  In other words no change to the
situation that has existed for the last 10 years or so.

Anyway, by good luck or good management it looks like my digging up
the "BIL International Equation" at the weekend was timely.  For
those who missed it, here it is again:


NTA=0.02237(FRNM)+0.1659(AIR)+1.120(THO)-$NZ0.436


The rumoured price for any sale is £750m.   There are 998.8m Thistle
shares on issue, and 46% of those ( The BIL stake ) is 460m.  This
equates to a Thistle Share share price of £1.63.

If we put in FRNM= $SGD7.85 AIR=$0.65c and THO=£1.63, which are the
market prices (near enough) at the time I write this we get:

NTA= $NZ1.67

I don't see the BRY share price ever getting that high, but I don't
think I will be selling at 63c.

SNOOPY

discl: hold BRY





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