Good morning,
I am reading the Bloomberg news and it says:
By Fergus Maguire
July 9 (Bloomberg) -- Itochu Corp. will buy a stake of
about 10 percent in Australia?s Extract Resources Ltd., which is developing uranium mines in Namibia, Nikkei English News said,
without citing anyone.
The Japanese trading company will buy the stake from an investor that wasn?t identified for about 15 billion yen ($170 million), the report said.
This is about A$7.83 per share.
243.131m shares outstanding at 15 bn yenfor 10% of the outstanding shares.. At 88 yen per US Dollar, and 1.12 A$ to US $, this works out to be A$7.83. If so, this is a huge premium to the current price. All comments welcome.
Cait
itochu buying 10% of ext for us$170m?
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