Indophil had just over $60m cash and equivalents as at 30 June 2009. And fully diluted about 400m shares on issue.
Therefore cash per share is about $0.15.
The Stanhill Consortuium offered $1.28/share last year for Indophil shares. Since then Tampakan's reserves have increased by 9% and the pre-feasibility study has been completed.
IMO this would require a bid for Indophil shares of 1.09 x $1.28 + another 10c/share to recoup prefeasibility costs = approx $1.50/share.
If it was the asset only being sold (without the purchaser acquiring teh 60m cash in Indophil i.e. 15c per share) a starting point might therefore be $1.35/share cash to purchase the asset, namely Indophil's shares in Sagittarius.
This would result in a purchase cost of 400m X $1.35= $540m
Total cash then held by Indophil would then be $600m equivalent to $1.50 cash backing per Indophil share.
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