value of exs to sol to be 47.4c/share shaws

Tuesday, 28 August 2012
Shaw Stockbroking Company Report
Reject the Bid at 19.0c/share by Washington H. Soul Pattinson
Event
Washington H. Soul Pattinson [ASX: SOL] has made a takeover bid at 19.0c/share for all EXS shares not currently owned. SOL has a 19.9% interest in the company following the off-market purchase of 6.9% from Ivanhoe Australia [ASX: IVA].
Shaw Stockbroking ("Shaws") value EXS on a standalone basis at 32.5c/share. Shaws estimate the value of EXS to SOL to be 47.4c/share due to regional complimentary assets in Queensland, reduction in head office costs and the expanded exploration footprint. Shaws recommend that SOL’s 19.0c/share bid should be rejected by EXS shareholders.

To view this report in full please click on the following link:
http://www.excoresources.com.au/store/system/articles/products/571/Shaw%20Stockbroking%20Research%20Note%20-Reject%20Offer.pdf