Tikehau Capital (0RP0) Q1 2021 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.889 valuation contribution have been mainly based on BCF. 00:00:04.889 -- 00:00:05.611 Okay. 00:00:05.611 -- 00:00:12.088 But if I take 39 million to your capital shares multiplied by the current share price... 00:01:27.241 -- 00:01:28.843 I don't get to 1.1, right? 00:01:28.843 -- 00:01:31.327 Because, of course, there's a different share price than your reference price. 00:01:31.327 -- 00:01:35.172 But that's what's going to happen. In fact, it is 39 million new shares are going to 00:01:35.172 -- 00:01:37.015 be issued. 00:01:37.015 -- 00:01:42.182 Sorry. Once again, the 39 million newly e-share price is a ratio that's the 00:01:42.182 -- 00:01:47.810 result of a parity between the valuation of the contribution from TCA, 00:01:47.810 -- 00:01:51.695 which has been assessed at 1.1, divided 00:01:51.695 -- 00:01:56.776 by the reference price 40k capital share assets at 29.5. 00:01:56.776 -- 00:02:02.763 So these 39 million newly created shares is a ratio based on the work of the three 00:02:02.763 -- 00:02:06.227 independent experts that have been working 00:02:06.227 -- 00:02:11.633 on the transaction and all their reports will be published mid-June. 00:02:11.633 -- 00:02:16.799 Okay. And can you share with us, since you're referencing a discounted 00:02:16.799 -- 00:02:22.403 cash flow, what cost of capital and terminal value were used? 00:02:22.473 -- 00:02:25.537 Actually, at this stage, we cannot share such information. 00:02:25.537 -- 00:02:30.044 It will be included in the report from the three independent experts that will be published 00:02:30.044 -- 00:02:35.151 and finalized mid-June. These reports are not yet finalized, and they 00:02:35.151 -- 00:02:39.737 will be actually published by the three independent experts. 00:02...