Perhaps holders may like to revisit this ASX ann on 21Jan 2019...

Perhaps holders may like to revisit this ASX ann on 21Jan 2019 .
And think about the current offer carefully !!!

First Floor, 1304 Hay St, West Perth WA 6005 T +61 (8) 9322 8233 www.modresources.com.au The Indicative Proposal was made after a period of technical due diligence, including access to a data room and a site visit, with respect to a potential joint venture arrangement, the potential sale of a partial interest in T3 Copper Project and a potential market placement to support development of the T3 Copper Project. The Indicative Proposal comprises a full scrip consideration equivalent to $0.38 per MOD share, valuing the Company’s equity, on a fully diluted basis, at $113 million1. This is equivalent to an exchange ratio of 1 Sandfire share for approximately every 17 MOD shares1. The Indicative Proposal is subject to conditions, including: • Completion of definitive due diligence to the satisfaction of Sandfire; • Execution of a Merger Implementation Agreement; • Receipt of a unanimous recommendation from the MOD Board; • Binding commitments or statements of intent by MOD shareholders holding 19.9% or more, in support of the transaction; and • Sandfire Board approval. The Board believes that the Indicative Proposal undervalues the assets of MOD: • MOD holds a dominant position (~11,700km2 in granted licences) in one of the last under-explored sediment hosted copper belts in the world, within a safe jurisdiction2; • MOD owns 100% of the T3 Copper Project, a high-quality copper development asset; • Strong exploration results indicate the potential for additional economically viable copper mineralization within several priority targets within MOD’s landholding; • MOD expects the T3 Copper Project will produce a high-grade, high-quality concentrate, attracting strong interest from metal traders and smelters; • MOD is on track to release the T3 Copper Project Feasibility Study by end of the first quarter of 2019; • MOD’s share price and the MOD / SFR exchange ratio are at a 2.5-year low3; • The last placement price was $0.47 per share4; • NPV (pre-tax) for the T3 Copper Project based on the PFS is $370m under the Base Case and $529m under the Expansion Case5; and • The acquisition would be highly accretive to Sandfire in terms of resource, reserve, extended mine-life and NPV per share6.