The target statement should include a valuation of forecast...

The target statement should include a valuation of forecast future cash flows, that will be enlightening.

The valuation of future cash flow that was done for the impairment review in the Dec 17 Accounts was not disclosed.

All we know is that there was no need to impair the $ 1.32 a share carrying values.

The tone of the boards response to the take over bid is that there is a lot more than 14c upside.

How Much ????

Its hard to imagine anyone else coming in over Eramet unless they are prepared to pay the premium Eramet would demand to walk.

If the board gets everyones hopes up and Eramet don't support that view of value then we will have a difficult choice.

I personally don't think there would be a lot of point hanging in if enough big shareholders bail and Eramet do get over 50%.

The fact that they didn't get 19.9% tied up before launching the bid probably means that the Institutions weren't prepared to sell a lot at $1.46 just enough to lure Eramet into making a play..