I think there are a lot of cogs and gears in this deal but the...

I think there are a lot of cogs and gears in this deal but the one factor I think people are not factoring is this 275 million was fully subscribed for 22% of the hoover company.

This means these institutions have valued the merger into hoover at 1.25 billion of which SBM is a ~38% owner. This equates to the valued portion of hoover that SBM owns as ~475 million.

Prior to this merger SBM was sitting with a market cap around 500mil at sp ~65cents, at some stages it was in the 400's when the sp was sub 60c.

This means that with this merger we are theoretically valuing the new company Phoenician metals at almost no value. Remember, Phoenician metals will have a strong balance sheet - A$85 million pro-forma cash and no debt, it will comprise of both Simberi and Atlantic assets and hold all the shares of interest in other Aus explorers/miners ~$34mil

Just something I have been thinking about with all the numbers thrown around in this deal.