this is madness, page-4

I'm only butting in to put to use the number crunching I did recently.

1) The CVR's will probably trade around $2.50 because they are like a combination of barrier options. These options will be based on the possible price of the shares (see below). See the "Independent" Valuation in the April 30 Explanatory Booklet for more details.

2) Yanzhou Coal, (Yancoal) is trading in NY at a PE of 6.
If we use that as a proxy for the Australian division the new company will have a value of about $1.90 per share.

3) Add (1) and (2) gives $4.40 per GCL share. Which is about where the market is at. No free lunch, sorry.