meeting - issue of 100mil shares and options, page-16

Yeah you'd hope it would get back to that, even though there would be more dilution people don't really factor in that 4.7c when the extra equity comes onboard will probably be a third more expensive than 4.7c was when the FMG was announced. Something to do with actual profits and dividends being very far off and just a nebulous concept of eventually being better off.
It will also depend on the details of the deal. But yeah high 4's, low 5's isn't an unrealistic target for a good deal. Might even hinge a little on what the dilution is set at. If the heads are set at low 2's maybe it doesn't run as hard. Quite a few variables, but a deal is certainly undeniably good.

Here's a thought bubble, maybe if OBL/Backreef/OXX/BRU reach some sort of compromise with OBL ending up with 60%+ of Derby, the extra dilution lets a company farming in to OBL's share take more without OBL being left with "only" a headline 5-10% and gives them some cash to retain operatorship etc etc. Just a thought. It offers some flexibility anyways to arrange things in a decent light.