Yeah, even worse. Even the previous deal with FMG was defined as being @ $1/ton, even though the cap of 8mt makes this somethng of a joke.
Personally I would welcome an offer, even a lowball one, because it would force FDL directors to address what they believe the value of the company is since it is their job to advise shareholders on whether any offer is considered fair and reasonable.
Such intense focus on the value of the IO assets wouldn't be a bad thing given the current (undiluted) share value of under 40c/ton (assuming the IO exists).
I don't know why anyone would be selling at the moment given what seems to lie ahead.
FDL
flinders diamonds limited
fmg offer fdl, page-14
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