Betting odds, page-14

It’s now a matter of settling on a binding price... that will allow this deal to be accepted 

Jangho’s current cash position is $857m which they have announced to Shanghai Stock Exchange that they are dedicating to fund HLS acquisition 

Jangho already own 16% or $320m worth of HLS shares.

Jangho has $1.17 billion, or 58% of HLS purchase sorted, now it’s a matter of shortfall balanace needed to be funded through debt, equity or strategic partner:

At $3.25: remaining funding required is $823m
At $3.45: $943m shortfall
At $3.65: $1,069m shortfall required

I believe the above is very manageable and if combined with a local strategic AU operator under a private equity buyout; Jangho has a good chance to both only offer beyond $3.65 but also clear FIRB as the consortium won’t be 100% Chinese owned.

Just my 2 cents