New Hope, page-2

I am no guru. It is a good question considering the SP and I'd some thoughts. Out of curiosity I did a couple of checks as I begin to wonder more: what are they worth? I don't know what the future holds, but I thought I will comment on what is known. See if anyone else wants to go future predictions.

If you look at the Balance Sheet. I like this one because it's neat and tidy:

http://www.morningstar.com.au/Stocks/BalanceSheet/ARI

Equity is 2.6B. Take out Goodwill and in rough money they are worth about 1B.

Could be more. Correct me if I have this wrong, but the SP should be mid-30's on fundamental valuation alone. I checked this myself to be ready for an abysmal TO offer. The SP estimates I have seen range from 30-50 cents, I think that's reasonable. From memory the ARI report stated about 50.

The value on Moly Cop in this rough assessment is unknown. I believe the upper bound of the SP valuation, that being 50 cents, factors in the "optimism" that is Moly.

Certainly keen to hear other perspectives.