SBM 2.50% 20.5¢ st barbara limited

We should be buying GMD., page-3

  1. 2,811 Posts.
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    I agree with everything you have written except that we should be buying Genesis. The majority of their market cap is attributed to RF. There is very little else behind it. This is another reason why they would have been desperate to change the deal structure as how the deal was structured, (which was a crap deal for SBM shareholders) independent valuations were being sort and an independent valuer would have been obligated to show approx $300m attributed to the RF factor.

    The more I think about it the more I agree with what you wrote yesterday, that we are heavily diluted once the Leonora assets are gone and we are left only with Simberi and Atlantic.
 
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