Looking at ACS in more detail, there is 171m shares and 16.5m options at 20c and 30c exercise price.
Once the t/o offer is released, the option holders will exercise the options to be part of the t/o. The options will bring in $3.65m. Add that to the current cash held by ACS of $6.617m (as of 30/3/2011) and you get $10.267m.
According to the last qrtly ACS estimated expenditure of $500k for this qtr, so subtracting that from the total leaves around $9.75m or 5cps.
The average valuation of the fe project was $105m back in May 2010. With 187.5m shares on issue, the valuation is 56cps.
No doubt there will be adjustments for the increase in both the Australian dollar and the fe price.
Other ACS projects are at a very early stage and not really worth much at all.
In summary, 56cps for the fe project, 5cps in cash and a nominal 1cps for other projects = 62cps.
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