don't you just love..., page-7

FIRB approval for MLX 20% sale of Wingellina should come through any day now. Announcement late April mentioned 120 days. Buyback of Jinchuan's MLX holding effectively cancels 12.9% or 176m shares of the MLX issued capital. Couple that with the 10% (136m shares) MLX on-market buyback and that means there's a total 312m MLX shares bought back, or "freed up" as I like to put it

75% of WGR that MLX own = 75% x 414m = 311m shares

312m v 311m = effectively bang on 1 for 1

Remember MLX was trading low-mid 30s before the market malaise, and WGR was whittled down to low 20s. Add the standard 30% takeover premium to the WGR sp...

Get the picture?

That's my opinion/theory anyway. DYOR

Cheers