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$7.50 antares energy limited

Amazing Deal, page-16

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pbawley

1,846 Posts.

396

07/09/15

15:33

Post #: 15948650
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Originally posted by dargie ↑

Well what a surprise. Even though it was obvious all the way along that they weren't buying back the shares for the fun of it. They obviously knew the value of the assets they owned.

I cannot see any shares being exchanged for this with a PE player and I would be very surprised if there are loan notes attached to it. It does appear to be an outright sale. These words are clear enough to me:

"We look forward to closing both of these transactions "

How about this crude NAV per share calculation as this stage (and it is completely open for discussion and alteration as new info comes out and/or people can correct me with more up to date info):

Sale of assets gross proceeds US$250M
- less provision for extra costs ($10M)
- less tax at 30% (???) ($72m)
- repay conv notes A$54M ($38M)

Leftover = US$130M
in A$ = A$185M
Number of shares on issue = 241M
NAV per share = A$185M/241m shares = .767 cents per share

Oh yeah. Sweet Jesus.

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"- repay conv notes A$54M ($38M)" - I think it's now A$47.5 and $32.9 USD (23,750,000 notes outstanding, AUDUSD at 0.6927)

AZZ Price at posting: 31.2¢ Sentiment: Hold Disclosure: Held
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