Incorrect re Midway - there were two arbitration awards in relation to the Belize Bank. See footnote 16 of the Annual Report 2017. Midway is 16 (i) while this award is 16 (ii). The Midway award (if it comes through) will be worth around 20p per share as a dividend.
If you have fewer than 1,000 shares, you will get cash payment for your shares. If you have more than 1,000 shares you will keep your shares.
On the basis of precedent, there's a chance the shares will be divided by 1,000, e.g. if you have 10,000 shares, you will get 10 new shares, but we'll have to wait for the full circular to see if this is the case.
Shareholders will get shares in a new company ("Midway") which may return $27.5m if the arbitration award due from the GOB is received.
The amount of $27.5m is currently included on the CIHL balance sheet as "GOB receivable". With its transfer to the Midway balance sheet, the remaining net value of CIHL would be approximately $30m (or $0.30 / 24p per share). Of course, the market value of a company can exceed the NAV if the outlook looks good!
In addition, there is a second arbitration due from GOB which hasn't been mentioned.
So I would cautiously expect CIHL shares to be worth at least 24p each with the possible bonus of another 21p per share if the "Midway" arbitration award comes through. And a further bonus not yet discussed from the second arbitration award.
"On February 7, 2017, CIHL filed an application in the Belize Supreme Court to discharge the injunction and to strike out the underlying claim. The hearing of this application is scheduled to take place on February 27, 2017."