Ann: Postcard to Shareholders, page-25

Ok so here are the sums

Ibeara ageed to pay 2.25m for an extra 4% of the entire project
so that values the entire project at 2.25m x 100 / 4 = 56.25m
now AZM retains 53.5% of the project so AZM share of project worth 56.25 x .535 = 30.09m
hence AZM per share given 782m shares is 30.06 / 782 = 3.85c per share yet they only offer 2.8c per share
so the bid should be min 3.85c plus a premium for control say 50% so 5.75c GLTAH