Jun. 18 at 6:47 PM
$BROG gulfnav is 5.3 aed right now.
$1.48.
mark it down to 3 aed =
$0.84. you get 4 of these for each brog share. 4 x 0.84 =
$3.36.
mcb is equal to a share except that instead of a year lock up
you have one year after conversion lock up. assume two
years to conversion. you get 26 of these for each brog.
assume 20% per year discount value on 3 aed price:
$3.36 x 0.80 (one year npv20) =
$2.688
$0.84 x 0.80 ^ 3 ( = 0.512 ) (three years npv20) x 26 =
$11.18
cash = assume zero
total =
$2.688 +
$11.18 =
$13.848. you want another haircut?
do it and you still have a larger number than
$2.65.
if you go for maximizing your value, you will get securities
that trade on the dubai financial market. there are brokers
that deal with that exchange. hsbc is the biggest that trades
directly there. on july 10 gulfnav will do annual meeting and
the issue of securities will happen after that.
