Ann: Notice of Extraordinary General Meeting/Proxy Form, page-46

‘..iron ore assets priced at $1.2million for a 1%”interest, on a 100% basis equates to a $120 million ‘valuation’

Plus Kalkaroo:

“Kalkaroo is a robust copper-cobalt-gold project,with a value multiple many times higher than Havilah’s current market capitalisation" – CEO Richards, 18/6/18. Prevailing SP just prior to the above statement: ~ 21 cents, implied Mkt Cap ~ A$46M.

HAV’s preferred valuation for Kalkaroo in its 18/6/19 ASX release was NPV_7.5 of $564M. Note this was determined by external mining consultants RPM and commissioned by Wanbao, not HAV.

As State One pointed out in its research report of 21/6/19: 'Thus, the SSA, if approved at an upcoming EGM;effectively gives GFG, for free, 51% of the Kalkaroo Project'.

Even the IMO deficient IER commissioned by HAV and addressed to its directors derives an NPV₁₁ for Kalkaroo (preferred) of $260M.Although its NPV assumptions are questionable, the ‘independent’ expert then finds a way to end up with GFG’s ~ $50M valuation for the whole of HAV. Go figure!

‘447,733,124 fully paidordinary shares in Havilah for $75 million is 16.75 cents per share.’

In September2011 'MMG agreed to take a placement of 4,000,000 Havilah shares at an issue price of $1.25, raising $5,000,000.' Source: ASX release 6/9/11. Prevailing SP was ~ 50c. (ICYMI summary at Post #: 38829933)

That was for 4,000,000 shares, not control.

HAV’s highly paid CEO is now seen to be spruiking the GFG deal after telling the market how large Kalkaroo’s value is.

Frankly, the GFG deal is a betrayal of existing HAV shareholders.

“I have seen many management teams and boards callously disregard stockholder rights to protect their jobs, and in some cases, build corporate empires at the expense of shareholders, but I have only rarely seen a situation such as the one at” [HAV] – Carl Icahn [paraphrased].

DYOR