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To: Tom Hua who wrote (236)2/12/1999 8:07:00 AM
From: RockyBalboa  Respond to of 489
 
UPCOY first sale 15.000 @ $40
UIHIA few trades at $55.

C.



To: Tom Hua who wrote (236)2/12/1999 8:28:00 AM
From: RockyBalboa  Read Replies (3) | Respond to of 489
 
UIHIA has 77.1 M shares of UPC.

value them at $40 get $3B
with a debt of 1.25B

Get a net value of 1.75B / 30.7M shares

= $57. Upper bound.

substract 20% discount for the stake:

20% discount (puts the UOC value at $32) would yield $40. What I am missing.

C.