Indophil had just over $60m cash and equivalents as at 30 June...

Indophil had just over $60m cash and equivalents as at 30 June 2009. And fully diluted about 400m shares on issue.

Therefore cash per share is about $0.15.

The Stanhill Consortuium offered $1.28/share last year for Indophil shares. Since then Tampakan's reserves have increased by 9% and the pre-feasibility study has been completed.

IMO this would require a bid for Indophil shares of 1.09 x $1.28 + another 10c/share to recoup prefeasibility costs = approx $1.50/share.

If it was the asset only being sold (without the purchaser acquiring teh 60m cash in Indophil i.e. 15c per share) a starting point might therefore be $1.35/share cash to purchase the asset, namely Indophil's shares in Sagittarius.

This would result in a purchase cost of 400m X $1.35= $540m

Total cash then held by Indophil would then be $600m equivalent to $1.50 cash backing per Indophil share.