new announcement, page-7

ZMan I think you are being a bit conservative in your value of the company. Historically takeovers work on ebit and not other costings like corporate and interest costs. I get an implied value of $1.57 per share working on a 7 times earning after subtracting the debt of $45 mill. I would expect something like Bisaloy to get something in the order of 9 times earnings which gives an implied value of $2.14. I would not be surprised to see another player come in and make an offer prior to the Distribution settlement with Balron.

In any event, my money is on Bluescope or Murubeni (Japan)to make a takeover of Atlas (Bisaloy) once Distribution sale is finalised. I wonder why Bluescope has just very recently raised $250 mill for an acquisition???? Probably just coincidence?? Interesting times.

Nice move up today (9 cents) on share price with the All Ords down 115 points. The market is finally recognising the potential of this one.