res valuation

Just been reading the Blumont announcements!

This is interesting (our net tangible assets are $135mill/332mill shares = $0.41/share:

Value of the assets acquired
As at the date of the SSA, RES has 332,234,604 fully paid ordinary shares and it has a market capitalisation of a
pproximately AUD$73.1 million (approximately S$86.2 million at an exchange rate of AUD$1.00 to S$1.18) based on A$0.22 per share, being the closing price as traded on the ASX on
the day the SSA was entered into.

The book value of RES’ net tangible assets was AUD$135.5 million (an equivalent of approximately S$159.9 million at an exchange rate of AUD$1.00 to S$1.18) based on the audited financial statements of RES for the full year ended 30 June 2013.

No separate valuation was undertaken on RES and/or its assets by the Company. The Subscription was arrived at following arms-length negotiations on a willing-seller willing buyer basis and after taking into consideration the Subscription Price, the net tangible assets of RES, the
prospects of the investment of RES in the Boikarabelo mine, RES’ strategic partnership with SGX-listed Nobel Group Limited and the decades of industry experience of the management team of RES.