min - bell potter research 9/10/09 assessment

Below is an extract from Bell Potter Research on MIN dated 9/10/09:

What if MIN needs to increase its bid price?
• The recent rival $0.60 bid by the Lion Group is higher than the $0.56 offered by MIN
(based on MIN’s current share price of $6.98). In these circumstances, we consider it
likely MIN will need to increase its bid in order to gain control of POL. On the
assumption that MIN offers 1 MIN share for every 10 POL shares this would equate to a
bid for POL of around $0.70 per share.
• On the assumption MIN increases it bid on this basis and obtains 100% control of POL,
our assessed DCF valuation for MIN plus Polaris declines from $9.44 to $9.00. Our
analysis therefore suggests POL could be worth somewhere between $1.50 to
$1.90 per share to MIN.

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www.mineralresources.com.au/images/mineralres-28--obede.pdf