IMHO any low-ball bid would be considered opportunistic and have no chance of success. HAV’s current share price is not a reflection of its fair value and is the outcome of very thin trading.
Glencore could take its holding to 19.9% (undiluted) by buying c. 26m HAV shares on-market and/or from other major shareholders #. That should force up the SP. Given HAV’s resources and appreciating Cu/Au/Co prices, to be taken seriously, any ensuing TO bid would need a minimum A$3ps handle, possibly/ probably more.
Putting that in perspective, in 2013 Warwick Grigor, former chairman of brokerage Canaccord Australia, claimed HAV was worth more than A$1bn ## (= A$5.25ps diluted) based on its discoveries. Since then there has been a material Resource upgrade (+80% increase in Cu tonnes; +60% increase in Au oz) on the Kalkaroo Cu-Au Project alone.
DYOR
# Top 20 owned 59.5% (pre-dilution) per 2016 Annual Report.
## Source: http://www.globalminingobserver.com/havilah-resources-127
Mutooroo Cu-Au-Co: SA's only Cobalt JORC Resource, page-53
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Last
17.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $55.41M | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 23142 | 17.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 18.0¢ | 42105 | 1 |
View Market Depth
| Last trade - 16.12pm 23/08/2024 (20 minute delay) ? |
| HAV (ASX) Chart |
Day chart unavailable