Ann: Advice from Nyrstar , page-6

Who ist it Nyrstar wants to bluff here. This is a no-brainer for CBH. They should just go ahead as planned with the AGM and all, unless Nyrstar show they are serious. The only proof would be a significantly improved offer.
Under the Toho proposal, I like the prospect of being able to further participate in CBH's future development.
If I take the Anglo Zinc deal proceeding in parallel, then that business is valued at 6.4 times EBITDA. In comparison, CBH should be able to fetch an EBITDA of 50-60 Mio $ after the expansion, stable zinc prices assumed. This would value the stock at some 30-35 cents, or 27-31 cents after dilution by notes conversion. This does not even reflect the upside from Rasp. So Nyrstar will need to come at least close, say 25 cents, for an offer deserving consideration.
If they don't do that, I will be happy to accept Toho's offer and gladly take the risk of continuing with CBH on their path.