900mil usd, page-21

Spuza,

Because there is a Debt component to PH.

If you subtract about 15 cents in debt then you end up with about 55 cents per share.

Why would they bother paying for all other assets and leave PH with no Debt attached to it.

for eg.

original bid $3.55 billion which may have comprised of the following break up:-

PH - assets $1.3 Billion Debt $0.7Billion

Martabe - asset worth $0.230 billion Debt zero?

Other assets worth - $1.07 Billion Debt $0.5 Billion

Therefore MM would pay OZ $1.07 plus the $0.5 billion debt component approx $1.57 Billion

With the $1.57 billion OZ can then pay down most (if not all the debt - roll over a small percentage i would IMHO )

Then you have PH with Martabe valued at $1.53 Billion and no DEBT...... and some cash of $0.27 Billion.

SP = $1.53 plus $0.27 = $1.80 / 3.150 billion = 54 cents per share