takeover and aquisitions , page-77

asf,

IVA does (and I mean no offence to IVA holders) look like it has some severe funding issues going forward. The maths on the projects do not seem to add up or their are better options out there for suiters. Any way you cut it, capital intensity, NPV, IRR, there are a lot of projects ahead of Mt Elliot. (n.b. I am only talking of the IVA copper/Gold projects - the Rhenium project is an entirely different matter)

Script - while it can be good way to preserve cash, it does have impacts on a whole lot of metrics that businesses get judged aginast (ROE for one, nta for another). Companies offer script when they think that the stock is at fair or over valued. Based on my calcs, the OZL share price would need to get to north of $9 before offering script, offering script at anything less than that would be destroying shareholder value.

HT1