Why is anyone needing to back Assore for a potential bid?
The financial statements I can find on the web are 4 years old, but back then Assore had total assets of South African Rand 32.9b. Cash resources then were SA Rand 9.6b. There's about 19 Rand to the USD so they had circa US$500m in cash and total assets around US$1.7b.
They already hold 28% of Atlantic so any bid would only need to acquire 72% of the company for complete control. Atlantic has 630m shares on issue so there's about 450m shares they would need to acquire. If the price was around A$0.60/share that would cost A$270m (just under US$200m). If cash assets were maintained or increased over the last four years, they would be in a position to pay for a bid for Atlantic out of existing cash holdings.
A11 Price at posting:
39.5¢ Sentiment: Buy Disclosure: Held
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