Tikehau Capital (0RP0) Q1 2021 Earnings Call

Investor webinar replay

Replay transcript excerpt

valuation contribution have been mainly based on BCF. Okay. But if I take 39 million to your capital shares multiplied by the current share price... I don't get to 1.1, right? Because, of course, there's a different share price than your reference price. But that's what's going to happen. In fact, it is 39 million new shares are going to be issued. Sorry. Once again, the 39 million newly e-share price is a ratio that's the result of a parity between the valuation of the contribution from TCA, which has been assessed at 1.1, divided by the reference price 40k capital share assets at 29.5. So these 39 million newly created shares is a ratio based on the work of the three independent experts that have been working on the transaction and all their reports will be published mid-June. Okay. And can you share with us, since you're referencing a discounted cash flow, what cost of capital and terminal value were used? Actually, at this stage, we cannot share such information. It will be included in the report from the three independent experts that will be published and finalized mid-June. These reports are not yet finalized, and they will be actually published by the three independent experts. Okay. I've got a few more if that's okay. 40 million. I think you say you talk about on a pro forma 2020 report. basis, you're talking about an externally managed cost of 70.6 million, looking backwards. The 2% of NAV we have is 62.9, so I'm wondering specifically what element I need to look at to try and understand how to get to 70.6? Okay, yes, I think the difference between the 62 and the 70 is VAT, which is a non-deductible as far as TKO Capital is concerned. Okay, got it. And does this transaction affect carried interest and how it's split between the company and shareholders, bet...