Thus it seems that Bonatla shareholders will get NAV of 87c for their shares, nearly double the current price of 45c. But that ignores the complexities of 'Nikinomics'.

When the offer was announced this week, property loan stock company (PLS) Fairvest was quoted at 55c/unit, cutting the net value of the deal to only 48c. But critics must calculate the other half of the transaction, says Vontas: the previously announced R420m portfolio purchase into Fairvest, paid for mainly by compulsory convertible Fairvest debentures, that will kick up the return.

He predicts unit holders, including ex-Bonatla shareholders, will receive a fully diluted 14c dividend, or 16% on their 87c, and as much as 19c until the debentures are converted in the next two to three years. 'Even if the units stay at 55c, they will get around a 30% yield,' he adds.

Vontas estimates that once Fairvest's two deals are complete, it will have an NAV of R500m (192c/unit), up from R79m (105c/unit) now, giving it better liquidity and the chance of rising towards his notional R1/unit market value. And there is a third leg of the deal, the R74m sale of lower-grade properties to Gold Edge, another Vontas company that will enhance the quality of the portfolio.

The critics reckon fully diluted EPS should drop 25% to around 8c/unit, but the Bonatla transaction will dilute the dilution.

Vontas has a host of further deals planned, including more sales of ex-Bonatla properties to Gold Edge for Gold Edge units - and no doubt the in specie dividend of those units to Fairvest shareholders. 'And hopefully the income will grow as well,' he adds.

Besides, there has to be extra value in the sheer creativity of it all.