Ann: Silver Lake to acquire Phillips River assets, page-14

re: Ann: Silver Lake to acquire Phillips Rive... eert - PRH could be a cheaper entry to SLR as the announcement states that they intend to do an in specie distribution of the SLR shares they acquire as part of the asset sale.

You should notice though that 12.5 cents of the implied value is tied into the trilogy assets. This is the part of PRH that caused the initial deal to fall over. If this falls over again, then you are down to the 16 cents value for the non trilogy assets.

Also remember that the valuation was down using 30 day VWAP of 3.50 for SLR, which is a bit higher than it is trading right now and who knows where it will be trading when the shares are distributed.

Does Les have it right this time? The market is showing quite a bit of doubt with closing price yesterday of 20.5 cents for PRH - a pretty big discount to the implied value of the offer. Could be that he has it sorted this time and this represents a great opportunity? It could be as others suggested that he was only interested in the gold and structured it in a way that SLR gets the gold without taken on any other risk.

I'm still thinking about this one. I was burned in the initial proposal. There is no such thing a certain deal in these matters.