My analysis of it is that Minyango is going to require capex of $400m as per recent AGM presentation.
So the $1bn 'transaction value' includes the value of the equity + the proposeded capex which means the equity will be taken out at 'as high' as $600m
i.e. $3 per share which equates to about £1.80 per share compared with current price in London of £0.60 per share
I'm looking for £1.20-1.50 which equates to about $2.40-3.00 in AUD share price terms
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