Agreed, I'm not expecting a TO offer of $0.5 and i dont think it would be successful at that level.
However once the 4 Mo period has elapsed if SP remains at current level....then mid $0.5 + 30 to 50%vwap starts to fall into the fair and reasonable category. Indemitsu are in at mid $0.3 and Warratah would be at a healthy return. So by the numbers MIN may be able to make a TO fly, but given MIN's current activity who knows whats in store and what incentives outside DLI could be on the table for the substantial holders. I do think there is a chance of some SP rerate but my confidence in big returns from DLI is fading. IMO
Ann: Yinnetharra and Mt Ida Exploration Update, page-55
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