Andy, you should indeed hold on for whatever price you are prepared to take. The point in this discussion is what is a fair price to put on the company as it stands right now. Frankly $1 covers it fairly right now. You make a case for the work done and soon to mature - the market comfortably and stably valued that at 70 cents ($540 million) prior to the offer. If production was about to commence and no offer was in place it wouldn't be much different until earnings come in at more than $50-70 million. People have lost perspective on prices for mining companies over the last year or so - $540 million is a strong market cap for a small company yet to commence production.
Any other blue sky that you refer to is gambling - either on the possibility that there are significant finds to be made in their tenements or on significantly higher nickel prices. Either is possible but neither is calculable at this time. It's ZFX duty to avoid paying for that if possible although they believe it is allowed for.
As mentioned in my previous post, I now hold some zfx though held neither when first interested in the takeover discussion. Personally I think that ZFX will probably rise on either failure or success of takeover so from my point of view its a nil game in the short term. I am interested in the takeover process as a matter of discussion.
What you need to recognise is that the decision about AGM's future is probably out of the hands of the directors and almost certainly out of the hands of small shareholders - institutions have the power to deliver sufficent control to ZFX to eventually deliver AGM to them.
This where the interest and excitement is - can ZFX get it for $1? Will the shareholders ultimately resist? What will happen if the bid fails? There's quite a bit of drama here.
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