interested lt igr sucker, page-29

"The way I see it superficially is apart from the intangibles, for $426m, SLR pick up $20m net cash and stockpiled ore valued at $100m after processing costs. The net $300m buys..."


PaddyBoy, I'd also include Integra's 423,000oz of reserves (net of stockpile) as a tangible. Assuming $500 value/oz, that's a further $210m. Plus of course there's the Salt Creek plant and expansion since, but I don't have a number for that, guessing somewhere from $50-100m.

Poster 'Groundswell' has described IGR as a fatted calf... "how to grow a great company whilst ensuring shareholders never attain any value". Underground had the potential to change all that, but their major shareholders seem to have decided a change in management was needed first.

To me Integra seemed to be rushing things, I called it running to stand still, so this consolidation would be good for shareholders I think. It may be a fatted calf, but they've done well with a 60/40 split given Silver Lake's accomplishments.