holding, page-9

Thanks for the post Stayer, I had missed the article and had to go head first into the recycling wheelie bin to find it.

I am inclined to think while I was thorough what was needed was a bit of inspiration as to what Brickworks would be worth if you stripped out the SOL shareholding. I had the valuation of the rest of Brickworks in my figures, hopefully I didn't leave it out of the figures in the post or word it badly.

I did more figures on Brickworks distributing its SOL shares out to shareholders, as opposed to SOL taking over Brickworks and cancelling the shares. This leads to a similar $17 - $18 figure that I had with a takeover.

I didn't bother posting those figures because I thought without working out what Brickworks is "really" worth it didn't seem to add a lot of value.

Anyhow it looks like the brokers the OZ quotes today are thinking of getting SOL's portion of the SOL shares Brickworks own back to SOL and cancelling them. (Wasn't that an idea you put in one of your posts!). This avoids a takeover of Brickworks situation where a lot of the value would go out to the other shareholders in Brickworks. I suspect they have been far smarter with the tax on the New Hope sale to get the $21 or so a share SOL figure than my ultra consevative workings that see $800 to $900 million handed over to Canberra.

Anyhow I think I will be buying some of there in the next few weeks and we will see what happens.

Cheers