Excellent, so KPMG have confirmed that Ichors offer pretty much values UNV on Kangala alone and very little value for the rest. I've calculated the split of the offer by asset below. So even if we exclude the development assets and just value UNV on Kangala, NCC and their cash / debt then we would get a valuation of between 22.1c and 26.6c.
Ichor can come back at 25c or its a big fat resounding no.
Column 1
Column 2
Column 3
Column 4
0
Asset
Method
Low
High
1
Kangala
DCF
0.151
0.166
2
NCC
DCF
0.094
0.126
3
Brakfontein
ZAR / tonne
0.003
0.007
4
Berenice
ZAR / tonne
0.027
0.044
5
Arnot South
ZAR / tonne
0.009
0.023
6
Somerville
ZAR / tonne
7
Unrestricted Cash
0.012
0.012
8
Borrowings
-0.045
-0.045
9
Other
0.009
0.007
10
11
12
13
0.26
0.34
14
15
Exclude development assets
0.221
0.266
UNV Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held