RE: Silent Auction Jit
Our view is that further upside is limited and far outweighed by the potential downside should an offer
for the Company fail to materialise. Our valuation of Ithaca based on the scenario of a large acquirer being
able to utilise Ithaca’s available tax losses immediately in the first year following an acquisition, results in a
risked NAV of £1.93 per share representing approximately 5% upside from current levels. With the share
price currently at a 28% premium to the closing price of £1.43 prior to the announcement of an approach
by a potential acquirer, there is significant scope for downside should an offer not be made. We issue an
Underperform recommendation and re-iterate our £1.60 per share target price.
FE issued today you guys can find the rest of it...
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