AA / Third Party Expert FMV for Racecourse3 Jan 2022 16:49
No doubt you lot with the big brains can put my relatively small brain at ease...
The plan is clearly to get the market value for Racecourse based upon extensive investigations and modelling plus a value for Ascot based upon some initial investigations to establish rough scale. I agree with previous contributors that the AA discussions will inevitably end up with a third party expert valuation to break the deadlock which would then (I should imagine) become binding upon the parties. My question is will Ascot definitely form part of the scope of that third party valuation? Could AA agreement wording only cover confirmed resource thus enabling AA to effectively get Ascot for free, assuming they seek to exercise their first refusal?
I get that Ascot has a market value (albeit relatively speculative versus Racecourse). My point is that this value may only be realised if the "market" rather than AA alone (under their option) get to collectively assign it by way of competition. AA may only have to pay FMV for confirmed resource.
Thoughts very welcome all! Thank you, and happy new year my fellow XTR faithful.
Best,
Mr T