how much will pem offer for cbh, page-3

I think you are about right.
What will be a stumbling block could be all the convertable notes on issue.
If CBH takes out these notes ($200 million) (with the help of PEM if required)then we could get some real value.
The 160- 180 million cash, CBH has is almost enough to do it if the merger goes ahead.
With Pem's mill in Broken Hill able to take on the new Rasp mine production cash isn't really required as yet.
Besides with the cash Pem already has and the combined cashflow, borrowings would or could almost be a thing of the past.
Huntlys has a valuation of .74 cents on CBH and $2.85 on Pem. Both companies are trading at close to the same discount on huntlys valuation.
Paying out the convertables must help our cause.

I bought @.62 yonks ago and also would like to cash out.
Not so much because I think they are not good investments, but like most other traders I am badly mauled by the markets and would like some money on standby.
Aim tickles my fancy at the current prices as do many others.