new deal, keep the silver.

I hope i'm reading this right 'cause it now looks like a good deal to me for ARD holders.

ARD currently has 88m shares less the 19.5m owned by USN to be cancelled.
leaving 68.5m ARD shares.

lets say ARD worth 16c. This is the price of new 13m PI offer. and USN 14c.

USN are to issue 44m shares to 68.5m ARD shares or
1 ARD gets .64 USN

so if you own one ARD you now get an extra .64 USN.
Now 1 ARD (16c) + .64 USN (14c x .64 = 9c) total 25c worth.

For the option holders, (I've got some) The conversion price (now 20c) will rise on my calc. to 24.4c. I believe the exp. date of the options should be extended as well.

The announ does not say if new 13m PI raising at 16c are eligible for USN issue.I suspect they will be, in which case 1 ARD gets .54 USN share worth 7c.

This leaves current ARD holder with a theoretical value of somewhere around 23-25c. In which case the current ARDO options should hold their value.

This also makes ARD a pure silver play which in this market may be a good thing. Previous posters have said good things about Kempfield.

Unknown is the loss of value in ARD due to loss of Bullant. BUT, PI issue at 16c would surely tell us what the professionals now put on ARD.

Also unknown is effect on price of USN shares, Todays action was positive.

ARD will have 70% of maybe $185m discounted cash flow from Kempfield (see Nov 23rd announ) with 81m shares. Maybe double the shares to account for CAPEX. which ever way you start to look at this its an amazing return for ARD holders if Kempfield gets going.

and i could be completely off the planet.