new ventures update, page-7

"I read either on their website or a previous announcement that their share price goal for 2011 was only $1"

you're right topwon, as recently as 3 weeks ago it was $1 forecast by end of 2011, $2 by end of 2013, maybe they've been running a few peer comparisons on acquisition targets vs top 10 list in todays announcement

My comment was based on 275m shares approx after buyback giving a $550m cap - a bit higher than No. 10 company on list at $529m

Not sure how a merger would work in with tax minimisation?

Patersons were a bit conservative imo with a 53c valuation and hold recommendation (think the sp was 46c or 48c at the time)

They valued free carry with Petrohawk at 20c, cash after tax at 40c, deducted 5c for debt plus further discount

Cash is close to 52c
Petrohawk 20c
Debt 5c
Tax between 0-10c, should come in at low end after purchase in coming months

67c before tax assuming Patersons are close with their Petrohawk valuation, not including any other assets

sp should be 50% higher on a simple calculation imo, closer to 60c

Maybe purchasing producing assets will bring new instos on board as old ones have exited

should be an interesting 1st half in 2011 as the tax clock is ticking