right Crotch -- my take on it is as follows:

- each of the 3 are getting 30 MHz (6x5 MHz) , so in total there's 90 MHz in the 2.6 GHz range

- 1.53 B is in HKD (198 million US x 1.24 = about $250 million CDN)

- Hong Kong (7 million pop.) vs. Ontario/Quebec corridor (18 million pop.) -- lets multiply the $250 million CDN by 3 (even though 18 divided by 7 = 2.5) because Look's spectrum is contiguous rather than the 6 x 5 MHz chunks mentioned here. I'm not sure if the fact that it's contiguous should garner more, but let's be conservative.

- So an apples to apples comparison (Look's vs. HK spectrum -- both 90 MHZ total in the same frequencies) garners a value of $750 million CDN for Look's spectrum (this is just the spectrum -- Look has a broadcast licence and tax losses and some infrastructure as well)

Just based on valuations similar to the HK transaction we're looking at a Look share price of $3.40 (220 million FD) plus whatever the other assets can muster.

Is it right to assume that HK has much higher penetration rates and more competition (17 mobile operators) than Canada as well, thus possibly devaluing the spectrum more?