Malcy & the 7c (6.7) steal, page-16

WPL could make a TO offer just before the final decision is handed down, if it looks like FAR is going to win. FAR could then accept the TO with a small discount; but the offer would have to be close to what FAR could make in the open market. Judging by the last article posted, even with just 2C ATM, it's looking like between
$4-6/B.

I'll go with CNE's exploration director and say SNE recoverable 1 bil.
0.35 x 1 bil = 350 mil
350 mil x 4 = $1.4 bil using the conservative $ rate
Less 440 mil to WPL and expenses for drilling this years (say 100 mil for the 35%)
Net to FAR = 860 mil US
$AUD 1.1 bil = 20c /share. This is just from the additional PE 35%. So add our 7c
Share price should be 27c. Isn't this what Malcy said?

OK let's give WPL 5% off for doing it early !!

KKW