Thanks again Rapsch.have done a little more number crunching...

Thanks again Rapsch.

have done a little more number crunching this evening - my model was also incorrect in relation to the no of KAH shares on issue. Revised numbers below and some food for thought on the last couple of lines:

So, now I have the following:
Reserves (measured + indicated) = 358.1Mlb (from table 2 of the ANN 10/8/11)
Resource (reserves + inferred) = 512.9Mlb (from table 2 of the ANN 10/8/11)

Calcs:
(1) UK/AU exchange rate = 1.5436 (effective today)
(2) KAH shares on issue 250,765,894
(3) KAH mkt cap @ 270p = A$1,045,122,031
(4) KAH cash at hand = UK Pound 64M in last annual report
(5) EXT shares on issue 251,159,163
(6) EXT shares held by KAH 107,342,087
(7) EXT % held by KAH 42.74%
(8) EXT see through price for the CGNPC 270p offer for KAH = A$9.53 (excludes any consideration of the KAH cash at hand)
(9) EXT mkt cap @ $9.53 = A$2,393,291,394

Unit Valuation based on rumoured CGNPC offer of 270p for KAH:
(a) For the 358.1Mlb reserves: $6.83/lb
(b) For the 512.9Mlb resource: $4.77/lb

Now that makes more sense in relation to the AFR article.

AND Consider, I think someone suggested the the RIO offer for Hathor is worth $8.70/lb? Then maybe they'd put up the same for EXT?

At $8.70/lb I get:
(A) for the reserves only: (358.1lb x $8.70/lb) / 251,159,163 shares on issue = $12.40/share
(B) for the entire resource: (512.9Mlb x $8.70/lb) / 251,159,163 shares on issue = $17.77/share

AND

If we dare to dream about what ARMZ paid for Mantra in March 2011 ($9.80/lb) I get the following EXT SP:
(A) for the reserves only: (358.1lb x $9.80/lb) / 251,159,163 shares on issue = $13.97/share
(B) for the entire resource: (512.9Mlb x $9.80/lb) / 251,159,163 shares on issue = $20.01/share

Enough for tonight – Go those Wallabies!