Hi guysI have done the math on what Toho would have to take off...

Hi guys

I have done the math on what Toho would have to take off us to get to the 49.9% under their proposal and its quite a bit more than the 24%-28% that has been bandied about. Quite simply:

Toho owns 24.1% of CBH
Everyone else must then own the rest ie 75.9%

To get to 49.9% Toho must buy another 25.8% (ie 24.1% they've already got + 25.8% extra = 49.9%).

Hence Toho must buy 25.8% from the remaining 75.9%.

This expressed as a percentage is 25.8%/75.9% = 33.99%

So if its directly proportional then they have to basically buy 34% of our shares off us.

Now with the price trading at $0.18 I don't believe there's much downside to waiting to see what Nyrstar is up to. This is because if Toho is as good as it gets you'll:

1. get 34% of your holding away 0.34 x $0.25 = $0.085
2. the price of the shares will drop to pre bid levels now that Toho is joined at the hip with CBH, say $0.14, your remaining shares will be worth: 0.66 x $0.14 = $0.0924.

This gives a combined value of $0.1774, pretty much where the stock is now.

Anyone see any flaws in my logic?

Cheers

J.