its been an interesting story to watch unfold.. i would not...

its been an interesting story to watch unfold.. i would not necessarily say the banks are onside, the interest rate applicable to the extension is similar to ordinary US credit card rates - image the market sentiment if BHP secured some of its australian operations for AUD debt and got slapped a 15-18% interest rate

the longer the sale process drags on the less money that will be available to shareholders after debts are paid.. the banks won't care too much as long as the sale proceeds cover the debt.. the bank options is only gravy on top, a 20c premium (57c sale price) on 10 million options is only worth $2 million.. the interest on the facility for the 6 month extension is more than that

the market knows that MAE is for sale and the market is ascribing a value of 25c at the moment.. there would be a decent discount because of the risk of no sale but i don't think it would be an 80% discount (i.e. sale price of $1)

my best guess is that the assets will eventually be sold, in the range of 50c to 80c (single buyer) - only with multiple legitimately interested buyers will there be scope for it to go higher, but in this economic climate i image it will be first in best dressed