the PKF report is interesting, with the advisory team having assessed a market value for US Nickel shares of 5.6 cents per share post transaction
PKF have then applied a 20% discount due to the minority holding, which puts it at 4.4 cents per share, post transaction
based on the issuance of .53 of a US Nickel share per ARD held, PKF are saying the deal is only really worth just north of 2 cents per share to ARD holders
hence the "not fair" comment from PFK
the treatment of the reduction in price for ARDO is also not as clear cut as i imagined (however I have only a simple brain!) so id be interested to hear from some of the big oppie holders on their interpretation
(DYOR, i'm a holder who is positive on the stock overall)
ARD Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held
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