27cents per share based on minimum valuation

"ZYL Ltd (ZYL.ASX): Finally South African focused coal developer ZYL has appointed Macquarie Capital to advise on two approaches for the company. ZYL is developing the Mbila and Kangwane Metallurgical coal projects and said the parties have signed confidentiality agreements to enable talks to take place, and it may consider any further expressions of interest. With the March placement price at $0.20/sh heavily supported by local and offshore institutions we would expect any near term deal to be at a minimum 30-50% premium. The biggest deal in this region saw Rio Tinto Plc (RIO.LN) acquire Riversdale Mining (RIV.ASX) in July this year, valuing the company at ~A$4b or an equivalent EV/Resource price of $0.60/t (equitable basis). Anglo American Plc (AAL.LN) is also sniffing around the area and is close to doing a US$630m deal to acquire a controlling interest in the Revuboe River coking coal deposit in Mozambique from the Talbot Group. We expect at $0.50/t as the minimum floor level for M&A activity a valuation of $0.27/sh for ZYL is achievable based on its equitable interest in JORC Resource."

http://www.fostock.com.au/announcements/coalworks-ltd-cwk-asx-endocoal-ltd-eoc-asx-and-zyl-ltd-zyl-asx

Apologies if you have seen this before, but it is worth highlighting again.