© 2017 Altaba Terms and Privacy
|(in 000s, except per share amounts)||June 30, 2017||Current|
|Cash & marketable securities||$9,231,746||(1)|
|Alibaba Group Holding Limited||$54,044,367||$66,893,809|
|Yahoo Japan Corporation||$8,816,200||$9,552,227|
|Deferred tax liabilities on unrealized appreciation||$22,922,332||(1)|
|Net asset value (NAV)||$48,298,581||N/A|
|NAV per share||$53.96||N/A|
|Adjusted NAV (2)||$71,220,913||$84,806,381|
|Adjusted NAV per share (2)||$79.57||$94.74|
|Adjusted NAV excluding net cash (4)||$63,323,673||$76,909,141|
|Adjusted NAV excluding net cash per share (4)||$70.74||$85.92|
|Discount to Adjusted NAV (3)||31.53%||29.61%|
|Discount to Adjusted NAV excluding net cash (5)||35.46%||32.65%|
|Number of shares||895,115||(1)|
The Fund will seek to track the combined investment return of the Alibaba shares and the Yahoo Japan shares it owns.
The Fund will seek to sell the Minority Investments over time. The Fund also will seek to sell Excalibur, though the Fund may seek to separately sell certain of the Excalibur IP assets or to license the Excalibur IP assets if the Board of Directors of the Fund (the “Board”) believes that doing so is in the best interest of the Fund’s stockholders.
The Fund intends to return substantially all of its cash to stockholders through stock repurchases and distributions, although the Fund will retain sufficient cash to satisfy its obligations to creditors (including the holders of the Convertible notes) and for working capital.
Until the Minority Investments, Excalibur (or the Excalibur IP assets), marketable securities, and any assets other than the Alibaba shares and Yahoo Japan shares are sold and until any cash is returned to investors, these assets may cause the Fund’s returns to deviate from its investment objective of tracking the combined investment return of the Alibaba shares and the Yahoo Japan shares.
No assurance can be given that all or any portion of the Minority Investments or the Excalibur IP assets will be sold or licensed or that the Fund will achieve its investment objective. The Fund’s investment objective is not fundamental and may be changed without notice to stockholders.
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