ozl- sfr, reading between the lines, page-15

Alleyronin
You should be on the SFR Board and I would accept your proposal right now for my SFR shares lol.
Even though I had suggested a headline $8.45 - $9 value on SFR based on a "discounted value lookthrough against OZL", it was predicated on a higher OZL price as you point out and a 3 for 1 + $3.50 cash(you are suggesting an extra $0.50 so good on you) - same wavelength though. The $9 headline may come back to haunt me but on relative value I believe I am correct.
Even though I dont think this market weakness will last for long especially if copper holds $4.20lb - I think TB will wait longer, punting that SFR dont have new drilling hits, general weakness and IF he sees value and is interested in SFR and IF SFR remains weak then there may be a higher cash component to lessen the dilution / higher relative value for OZL shareholders, even if he had to partially fund Degrussa development with interim debt to be paid off in year 1. (There are 130m SFR shares / options that OZL dont own - at $6.30 with no real premium = $819m).ie IF SFR & OZL dropped a further 15-20% and he saw the value - just bid with cash and not his undervalued OZL paper. I personally want OZL scrip!!!.