4.54

This is the number I get.
I assumed all shares are exercised except the ones at 3.97 because they are out of the money. I took the cash from exercise and combined that with the shares to get the total shares on issue. I then took the current cash balance with the cash from exercise as the total cash balance for SRK. I then took the US$450million, used a 0.9 exch rate for A$500million. I tried to ring SRK to get a figure for the tax but was unable to get into contact. I assumed tax was at $50million. Leads to 4.54. If the deal goes through I would expect atleast $4.20

SHARES 86312419
OPTIONS 3106748 0.178 553001.144
1833333 0.178 326333.274
1666667 0.278 463333.426
4600000 0.938 4314800
500000 0.938 469000
150000 1.178 176700
500000 2.078 1039000
3300000 2.788 9200400
133000 2.878 382774
200000 2.878 575600
250000 2.878 719500 18220441.84
4000000 3.978 15912000
106552167
CASH 15666000
CASH EX OPTION 33886441.84
PERU DEAL USD 450000000
AUD/USD 0.9
PER DEAL AUD 500000000
TAX 50000000
DEAL AFTER TAX 450000000
PLUS CASH 33886441.84
TOTAL CASH VALUE 483886441.8
DIVIDED BY ALL SHARES/OPTIONS 4.541310191