There was a formula included in the transaction documents. The difficulty with the formula, however, is its relative complexity which was complicated by the added debt burden.
In effect, the formula provided a 1:1 valuation for the assumed debt, and a substantial discount to value for the equity component (which is loosely meant to correlate to UEC's share price). At the time of the acquisition being struck, UEC's share price was averaging in the mid-teens.
The IE valued UEC @ the high teens (with a premium control of 15 -20%) and deemed this to be fair. ALN, however, may have actually been factoring in a slightly higher figure. Therefore, a breakeven price of 20-22c would not surprise.
Taking these factors into account, and considering the current share price for UEC, I would venture that ALN is already ahead of breakeven on the result.
