Hi DB1,
Yes, I did.
The number is $1.92, with $800m capital exp
The number is $2.81 with $650m capital exp
With RXM closing at $1.92 (intrinsic value), for OZL to see value, either
a) OZL would need to be able to do the capital for $650m ($1.92 * 30% t/o prem = $2.50) or
b) RXM sp would need to fall to $1.48 to give a t/o of $1.92)
Does all that make sense? If not, let me know and I will try and elaborate a bit more.
HT1
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