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Class A Value at 6% Premium
Equity value of Simplot (Q) $830,000,000.00
Premium for class A voting shares 6%
Aggregate premium for class A shares (P) 49,800,000.00
Number of class A shares (A) 76.445
Number of class B shares (B) 141,288.584
Total number of shares (T) 141,365.029
Economic value per share (E) = Q/T 5,871.32
Class A premium per share = P/A 651,448.75
Value per class A share before discounts 1657,320.08
Discounts for minority, lack of
marketability, and right of first
refusal (class A)
(1 - 0.15) x (1 - 0.35) = .5525 = 45% (rounded) discount
(1 - 0.15) x (1 - 0.40) = .51 = 49% discount
Per share value of decedent's class A shares:
After 45% discount 361,526.04
After 49% discount 335,233.24
Total value (rounded) of decedent's 18 class A
shares:
After 45% discount 6,507,469
After 49% discount 6,034,198
1 We note that mathematically Mr. Matthews' calculation is off by 1 cent.
Class B Value Using 6% Class A Premium
Economic value per share (E) = Q/T $5,871.32
Economic value of all class B shares (V) =
E x B 829,551,166.60
Less: Aggregate premium for class A shares (P) (49,800,000.00)
Net value of all class B shares = V - P 779,751,166.60
Value per class B share before discounts =
(V - P)/B 5,518.85
Discount for lack of marketability (class B) = 35%
Per share value of decedent's class B shares
after 35% discount 3,587.26
Total value (rounded) of decedent's 3,942.048
class B shares after 35% discount 14,141,134
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