Aveo Can Unlock 70% Upside by Addressing Its Unique Ownership Structure, According to Metrica, page-32

there is zero chance of Mulpha taking out AOG. Mulpha's mkt cap is currently A$225m equivalent. It already has A$682m in debt, giving it a leverage ratio of 6.5x. Where will they find the additional money to fund a $2bn (inclusive of AOG's debt) acquisition of AOG ? AOG need someone to take Mulpha out, assuming Mulpha was a willing seller which I doubt. Most likely scenario would be for a Canadian pension fund or such to take AOG private with Mulpha rolling their existing stake into the privatised vehicle which means the only likely upside from here would be $3, still not a bad turn though.

Thus I'm looking to buy in but happy to wait cause it looks like it wants to go lower in the short term.