So, what is a reasonable price?, page-20

mista Tea is correct - NZO is under-valued by the Kiwis & now that the initial arbitrage has gone, it's also undervalued on the ASX.

One way to look at it is to go back to Peter Strachan's report last year.

Peter Strachan estimated $6.51 for NZO and $1.31 for CUE if Ironbark is successful.

At current share prices of 70 cents for NZO & 18 cents for CUE, that's approx a 9 bagger for NZO and a 7 bagger for CUE.

On this basis NZO should be valued at 90 cents on the ASX & 96 cents on the NZX.

It's interesting that the Ofer Group couldn't get the other 30% of NZO last year at NZ 74 cents.

https://www.ogj.com/general-interest/companies/article/14068281/ofer-group-lifts-takeover-bid-for-nzog

It seems to me that there is not much value has been attributed to NZO's 15% stake of Ironbark held outside of CUE's 21.5%.

As of this morning I now hold both CUE & NZO.

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