Drilling activities that have been capitalised only amount to...

Drilling activities that have been capitalised only amount to $38m according to their FY07 annual report. I have already taken this out of the capital gain as a 'cost base'. Operating losses back to 2003 only amount to roughly 24m-25m which I didn't take into account but the value I get would be quite far of 90c even with this taken out for tax purposes.

I initially calculated 90c per share when I forgot to include tax, the chairman may be choosing to ignore the tax on sale, quoting instead a nominal value before tax per share to value the deal, but this may not be the actual amount of cash per share available to shareholders due to tax on the sale proceeds. And the net cash backing per share is the final value that should be reflected in the SP at the end of the day. Also I didn't include the $1.40c options as these would not be exercised at the conclusion of the deal.

I hope I am wrong as I would prefer 90c per share obviously.

Another question. Do the securities quoted in their quarterly report include all the shares listed on the london stock exchange?

Cheers