Ann: Update on Non-renounceable Entitlement Offer, page-7

Completely out of my depth here. Beware DYOR!!!!

TGM is 16 cents. They offer 2 for 1. But its not 32 cents

TGM have 535m shares. FML have 182.7m At the end TGM will have issued 900m. How much of the loan to FML needs to be repaid i.e. remains on the books after TGM take over? $20m,? Total SP/900 = $130/900 = 14c.Not sure how the $20m should be treated. Can someone come up with an EV?

Accumulated losses at FML are $340m. Very useful for TGM as it represents a tax deduction for many years of production/sales tax fee.

My amatuer analysis suggests it is actually worth money to future TGM IF they can get into production. Good news for them but has only ever represented a loss to SD and in a takeover it becomes a crystalised loss! plus TGM gets the $220m IP spent around the place
JPM have more than 10% so what is their position? since they can say no to TGM/SD for a takeover. Moot point since SD has already said no. LM3 wants cash out not shares. Who is the kingmaker?

To happen, I am guessing that every single entity other than SD needs to be for it to happen. Top 20 have 146m and riff-raff 36m.

A detailed side by side comparison there isn't a whole lot separating them, except one has a big brother. FML has more gold but bigger liabilites but thats where having a bigger brother comes in handy. Who is lined up in TGM shadow? ...anyone? If successful a big CR? and does it go to Africa?

Like going to the knackery and trying to pick a Melbourne Cup winner from two choices one with twisted bowel and the other a dodgy fetlock.

I just can't see the Stewards letting TGM into the saddle yard. Please someone else have a go.