Hi Skip
Quote
"March 26 (Reuters) - Japanese trading firm Itochu Corp will buy a 15 percent stake for 8.5 billion yen ($92.28 million) in London-based mining company Kalahari Minerals Plc , the Nikkei (news) business daily said.
The move will give Itochu (Munich: 855471 - news) an effective stake of 6 percent in Rossing South, a 60 billion yen uranium mining project Kalahari is undertaking in Namibia, one of the world's richest sources of the radioactive metal, the paper said."
So effectively Itochu is paying US$92.28 for an indirect 6% stake in EXT. Which would equate to paying an EXT SP of ~A$7.06.
Now it is important to remember that this is not the same as buying a direct stake in EXT. There is a far greater risk buying a stake in KAH as apposed to a direct stake in EXT. Also Itochu's power to influence decisions of EXT is far less, as they do not have a seat on EXT's board, only one vote on KAH's board.
Historically KAH has trade at 20% discount to the NAV of its 40% stake in EXT.
Therefore if apply the historical discount of 20% to the A$7.08 paid we get a figure of ~A8.85. Which fairly close to the A$9.04 current valuation that WHIreland gave in their March 24 Brokers Note on EXT.
However even at A$8.85, it still seem very cheap, and a great deal for Itochu!
Regards
Steve
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Last
0.9¢ |
Change
0.000(0.00%) |
Mkt cap ! $13.27M |
Open | High | Low | Value | Volume |
1.0¢ | 1.1¢ | 0.9¢ | $341.3K | 34.25M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
7 | 5514109 | 0.9¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
1.0¢ | 952327 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
7 | 5514109 | 0.009 |
13 | 6082697 | 0.008 |
7 | 1795863 | 0.007 |
4 | 1685609 | 0.006 |
2 | 800000 | 0.005 |
Price($) | Vol. | No. |
---|---|---|
0.010 | 952327 | 2 |
0.011 | 9734000 | 5 |
0.012 | 5788361 | 4 |
0.013 | 4803715 | 5 |
0.014 | 1071428 | 2 |
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