Don't entirely agree with 'AS hohnen has noted no one can afford to buy it as a whole' in so far as before anyone CAN buy it they need to know what the whole is.
The deals being done right now in the CSG sector put the hypothetical sale price for EXT to shame. Also despite the extreme likelihood that 600-1Bmlb is lying in wait, Substantial proving up would in any case be required by way of normal due diligence by any aspirant, and EXT is kindly doing that for them!
The only impediment to total take over (by other than RIO) is RIO. Their 15% stake was not arrived at accidentally. It puts them in the drivers seat should they decide to have a go at it, and it's a nice blocking stake should anyone else declare their hand. What Hohnen has done is clarify to all and sundry, that the primary investment intent of all the non- RIO shareholders, was/is to groom it for sale. I've always been of the opinion (and still am) that RIO will ultimately own EXT, but it will have to pay for it at minimumsinground valuation. Its now clear that if any external party wants a part of it, they have clear access on this basis, and frankly, either way its a SP excelerator.
EXT Price at posting:
$7.17 Sentiment: Buy Disclosure: Held
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