Not possible - that was the offer price on the share. There would have been substantial costs attached to the dual listing(s) which would have reduced this. Then the NAV - you need to determine the current value of her underlying portfolio's - both listed and unlisted and allow for her management fees to date. These should have pulled back in the interim. There is also the issue of performance shares and rights issued on a dilutive basis.
0n the plus side - they made R80million odd on their rand conversion last week. Then there is the fact that the only issued 125M odd share - which offers a potential 16,7% discount ie. a 20% enhancement to the NAV. However - the directors may have the right to convert their loans into (the now enhanced) equity or retain these shares in trust against future performance - in which case they are not nearly as value accretive. I need to go through the terms in more detail - when I find the energy...
ya, USD1 less listing costs and next year fees (former small) .. this be Peter Armitage, I like him and he done well with both his funds and distribution channels .. he blew up spectacularly at Investec in 2008 (small cap fund, they all blow up eventually), but has come back way smarter and wiser for it and got a good team ..
Why not buy a "first string hedge" in the DBXUS - done nicely over the 12 months/cheap - for all the same underlying reasons and a nice little yield to boot. Been buying this since the TFSA's came in - what a pleasure as for TDH - well you get what you pay for - not the best properties properties mostly bought in a bubble of note( this comment will produce a chorus of howls of pain and unhappiness no doubt.... but yer pays yer money and yer takes yer choice)
I wish to avoid getting caught in a general pullback - the tracker will do the opposite. We had a heated exchange re TDH some time ago I bought at R6+ sold a third at R20 - which means that the remaining 200thou were less than free. I flogged these at R30+ and bought REINET. I will look to get back in below R24. No tracker can do this. Look at MSP, SIRIUS, IAP, MONDI etc.