Ann: Trading Halt, page-48

What I've posted on ADN board: On my reckoning, removing the cash from each company, diluting for ADN options, putting a finger in the air value on other projects, 20c for ADN = 28c full value for MEP. So 1.4 - 1. However, ADN will argue their shares will be re-rated with 100% of the project and the issues of money raise in MEP will rear their head as well. So I suspect 1.4 - 1 is the upper bound, and it's more likely to be ~ 1.2 - 1 or 5/4 in the old money. This can't go too far in respect of the deal parameters because the key assets are realistically the same, depending on your view of MEP copper.