CANEXUS CORP 6.5 PCT DEBS T.CUS.DB.D

If you are a rational investor -

[ocean112]

Here is the math:

NaCL = $60M (average historical EBITDA)
HCL = $35M (average historical EBITDA)
Brazil = $23M (average historical EBITDA)

Total = $120M

Chemtrade/Superior Plus trading at 8.5 and 9.2 x EBITDA - so give 8.5 for chemicals business to Canexus.

Chemicals = $120M x 8.5 = $1,020,000,000

Net Debt = $584M

Net Value = $436M
Shares Outstanding = 186M

Value per share = $2.34 without NATO

NATO - in the right hands - lets assume a buyer can generate $60M (forget salt caverns, etc - lets assume they can get NATO to full capacity quickly - like a transcanada).

I'm going to give NATO a 5x EBITDA value = ultra conservative = $300M (almost 45% off thier cost)
Per share = $1.61

Value per share = $1.61+2.34 = $3.95 

Being ULTRA conservative.  Hence - hold for a year or two and you should be fine.