I think in determining this you need to factor in the fact we...

I think in determining this you need to factor in the fact we receive ex-dividend BCI shares.

So if its a 15c final dividend then the ex-price of BCI might be $3.18 current price less 15c= $3.03

$3.03*0.44 + 10c cash component gives you $1.43.

Perhaps the current discount is around fear that post the dividend payment income investors are going to abandon BCI given the IOH deal and that the BCI current price is being artificially propped up by the impending final dividend.