K1 Ventures

[corporatefatcat]

http://infopub.sgx.com/FileOpen/k1%20-%2...eID=464424

SINGAPORE, 28 July 2017 - The Board of Directors of k1 Ventures Limited (the
“Company”) wishes to announce that its indirect wholly-owned subsidiaries, DFS Holdings I
Corp and DFS Holdings II Limited have entered into a definitive agreement with Guggenheim
Capital, LLC (“Guggenheim”) for the redemption by Guggenheim of the Company’s entire
ownership interests in Guggenheim (the “Guggenheim Interest”), comprising 100,000 Series A
preferred units, 250,000 common units, 11,111,111 detachable warrants, and an additional 1.85
million common units for a gross cash consideration of approximately US$221 million, which is
prior to any deductions for U.S. income taxes and the Greenstreet carried interest (the
“Guggenheim Disposal”).
The Guggenheim Disposal is in accordance with the original investment documents. The gross
cash consideration for the Guggenheim Disposal was arrived at on a willing buyer and willing
seller fair market value basis, after taking into account, among other things, Guggenheim’s
financial statements and annual business plans. The Guggenheim Disposal is expected to be
completed during the fourth quarter of 2017.
Based on the unaudited consolidated financial statements of the Company and its subsidiaries
(“Group”) for the third quarter ended 31 March 2017, the book value and the net tangible asset
value of the Group’s interests in Guggenheim is approximately S$143 million.
The Guggenheim Disposal is part of the Company’s on-going process of monetising its
investments and distributing surplus cash to Shareholders. At the Company’s Extraordinary
General Meeting held on 29 March 2017, approval was granted by the shareholders of the
Company for the divestment of interests in the capital of Guggenheim. Following the
Guggenheim Disposal, the Group will cease to have any interests in Guggenheim.
The transaction is expected to increase the Group’s net tangible assets per share by
approximately 29 Singapore cents for the financial year ending 30 June 2017, after taking into
consideration estimated adjustments for factors such as net assets, income taxes, and the
Greenstreet carried interest. The transaction is expected to increase the Group’s earnings per
share by approximately 31 Singapore cents for the financial year ending 30 June 2017, after
also taking into consideration a currency gain.

current NTA = 43cts.
KUE = 5cts
Guggenheim = 29cts
total = 43+5+31 = 77cts??

current NTA = 43cts.
KUE = 5cts
Guggenheim = 31cts
total = 43+5+31 = 79cts

So what's the strategy now? sell at a discount now or hold until it close shop? Will it be a lengthy process?

Why 31 cents, it is 29 cents.
So total is 43+5+29=77 u take a small haircut for them to use to close shop thrn I guess 75 is a conservative estimate. Still got meat, but not much