VALUATION OF AIA SHARES.
1. Prior to Reconstruction on 18 Oct. 2002:
Shares: About 422 mill shares, valuation $5.07/share**, a total of
$2139 mill. Deduct Div. payment or $32 mill; this leaves $2107 mill.(A)
** Made by a very reliable broker.
2. After Reconstruction:
Payout $213 mill., deduct from (A). This leaves us a Net $1894
Add $7 mill. additional funds since that valuation was made. We now
have $1901 mill. and 303 mill. shares.
The new valuation is $ 1901/303 or *$6.27* per share. Current price
The current price is about 15% below valuation of this near-monopoly
Subject to confirmation.
Interesting: The old valuation
was $5.07/share. If we deduct the above mentioned 15%, we get about $4.31;
this translates to the new price of $5.29, close to the actual $5.32