Not sure about the value of Sinclair, not the ease of which it...

Not sure about the value of Sinclair, not the ease of which it might be sold. If it was an easy flip for $20m-$25m why didn’t SFR simply take out TLM for a relatively small premium?

The “buy the whole box and dice” discussion was explored in detail when SFR took out Monty and Springfield for $72m.

With the accrued tax losses of TLM also on offer, if Sinclair and/or the Lachlan fold land was worth anything it would have been an absolute bargain for SFR to take out TLM for around $90m-$100m.

This is would have delivered ballpark 50c to TLM holders (highly likely to be accepted) and for an extra $20m SFR would have collected:

a) Franking credits for around $12m worth of divvy payments.
b) Sinclair; suggested $20m-$25m fire sale value.
c) Lachlan Fold tenements, now the flagship copper/gold project with at least one apparently high grade target.

Let’s see what management can conjure. SP has increased a couple of cents over the last week or so; definitely some positive news coming.