Silverlake Axis

[owq]

I would be wary of anchoring on the price of $0.48. I speculate that this was Goh's idea to make us think harder because he thought the cash offer was probably not attractive enough. 1. The present value of the RPS is actually much lower, 2. The RPS have limited rights. No guarantee of payout. They can file for bankruptcy. In a sense their downside is capped, even though they're "borrowing" at quite high interest

As for the PE fund, they may be able to extract more value but that doesn't mean OPMIs will be able to extract the same value

We can only speculate on the future value, but if we trust IFA's advice, Silverlake is basically fairly valued right now. Personally, I am less optimistic about the future as I have been slightly disappointed with the earnings performance of Silverlake the past few years, even with Covid taken into account