We need to be patient. If we go back to the Ichor offer in 2015 from the first announcement that KPMG had been appointed to produce the IER it took about 6-7 weeks to receive it and have the response.
We've been about a month since we were informed of the binding offer and that they had appointed E&Y to provide a new IER. So we've still got a bit longer than we will hear anything.
Just as a reminder the prior IER was for a share price of between 26c and 34c.
Their assets at the time were valued at low case 28.5c and high of 34.3c. They were based on assumptions of dilution the share capital to 556m and 593m shares. All the options were dealt with last year and revised shareholding is 522m shares. That changes the old IER asset values to 30.3c and up to 39.0c. I didn't take the FX rate into account with this but it is slightly unfavourable but no more than maybe 0.5c impact. On top of that we now have net cash (it was net debt in the original IER).
In terms of asset values, Kangala is producing better, NCC is now producing (it had barely been acquired when Ichor made their bid), Eloff has been purchased, NBC has been purchased and Brakfontein is closer to development and all things point to a much higher asset value ascribed to these assets.
Suspect the IER will come in north of 50c especially if they account for NBC. Next news is more likely to be completion of NBC than the IER.
