I will try and give you a factual and comprehensive answer to the precise question you have asked. I was just passing the computer and noticed that no answer had been forthcoming so far.
The share price before the announcement was 7.7c.
.. further..
It had achieved a recent low at that time of 7.4c. ref Comsec charts.
By comparison, the OZL bid price was 17.0c
AVB suggested the bid was really 16.8c at the time because the nominal OZL share price had dropped a little from $9.45. Obviously the (indicated) bid is more than 17c today, nearer to 18c, but in the end it is arguably worth what OZL shares are doing on-market when you get your shares.
On the 1st April I did a check on the most recent Broker assessments listed only on the AVB website..
Carmichael 22c Jan 31st Hartleys 16c 30th Jan Petra Capital 15c Jan 29th. Euroz 20c 18th Jan Petra 15c 17th Jan Cannacord 17c 15th Jan. Hartleys 17c 21 Nov.
The average was 17.4c.
I know Hartleys are mentioned twice there but I took it as being two separate instances of them looking at AVB.
Since then Hartleys (29th March and post T.O. bid) on AVB website have popped up with a "12 month target of 17c", and a valuation of 20c.
They comment :
"The offer looks like a good deal for AVB, which has had an average weighted VWAP of 9.1cps for the last three years. Equally though, our last valuation (2 March 2017) was 20cps. "
Also D J Carmichael on 27th March put a valuation of 22c on AVB.
However importantly they made the following comment.
"Is the offer a good deal for AVB shareholders?: We believe so. Although the offer price of $0.17 is lower than our valuation, at $0.22, AVB shareholders are able to get the majority of the value gap up front, and importantly, without the execution and financing risk associated with the development of the next one or two projects. It also circumvents a less than ideal capital structure, which could have proved problemamatical in further financing arrangements."
No new formal Broker Assessments since then are listed on AVB website. Not to say of course there aren't other Professionally Qualified ones around, but they may just not be listed.. and I have not seen any.
Notably a positive scoping study on Centro was released.... but both Hartleys, Carmichaels and any other Brokers too have apparently not seen fit to revise their numerical share-price assessments for their clients... or client advice either.. as a result. Not that I have seen posted on the AVB site anyway!! Then again, the Hartleys valuation of 2nd March is not on the AVB site.
I hope that answers your question in a nutshell, restricted. I have deliberately kept opinion and unqualified speculation out of it..
Cheers, PP
AVB Price at posting:
17.0¢ Sentiment: None Disclosure: Not Held
