In this hypothetical example, HFR holders end up with US$80m of a US$420m entity or 19%.
However, I can’t see how, in such a transaction greenfields, but permitted Southey can be valued at 50% at US$120m more than construction ready Muga which will be producing in 2 years, even if Yancoal value it as high as US$290m, presumably as it is larger scale? I mean, maybe it is worth something like that - in which case is HFR is stupidly undervalued. Oh yes, it is.
Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-10
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