cfes cash alone was worth at least 90c a share

“The board has always said Cape Lambert’s cash alone was worth at least 90c per share,” Sage added.

This is a direct quote from the article kindly posted by Oranom350. What exactly does this mean? I mean, it seems pretty clear what this means but can it be right? I am baffled. Any help?

Here's the rest of the article posted by O350. Thanks again for posting all the articles everyone.

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New Article:

CAPE Lambert Iron Ore chief executive Tony Sage says he is not surprised by Evraz’s deal with Chinese company MCC, and still believes the Russian steelmaker could make a move on his company to win control of the Cape Lambert South deposit.

Tony Sage told MiningNews.net today the Cape Lambert project was “a great deposit” and Evraz’s move was not surprising given how hard the company had fought to gain control over the deposit before Cape Lambert sold it to the Chinese.

Evraz approached Cape Lambert about a takeover offer before the MCC sale was ratified, but Sage said the amount offered “was not the right price.”

Sage added that Evraz “didn’t have the guts” to start a bidding war for Cape Lambert before the MCC deal was approved.

Despite this, he said the deal between the Chinese and Russian steelmakers would be a boon for Cape Lambert if it proves up the Southern deposit, because the two steelmakers have the deep pockets needed to develop port and rail in the area.

This would mean Cape Lambert would be able to take advantage of the infrastructure already in place, if it does bring the Cape Lambert South tenement to development.

Sage also told MNn he believed Evraz could still launch a takeover bid for Cape Lambert to obtain control of the Southern deposit. Evraz and MCC already own a combined stake of around 26% of the company.

"They fought tooth and nail for the northern tenement and the southern deposit is looking just as prospective,” he said.

If the Russian company does launch a bid for Cape Lambert, it would be legally required to pay at least 92c for any takeover offer for the next four months, as that was the maximum price the company paid to obtain its existing stake in Cape Lambert.

“The board has always said Cape Lambert’s cash alone was worth at least 90c per share,” Sage added.

He said the company would consider takeover offers “north of $1.10”, but for now was extremely well-placed and cashed up to take Cape Lambert South into development.
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