reverse list

Lots of unknowns here, but info I can find so far...

Overview of holding company divesting non-core assets into GOA
http://www.pgminerals.com/pgminerals/images/content/inline/file/Premier_Investor_Presentation.pdf

TiO Project
[email protected]% TiO
http://www.pgminerals.com/pgminerals/about.aspx?a=26&s=4&c=162

Other projects at early exploration phase.


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Remains to be seen how much cash will be vended in and what value is accorded to all the work GOA has done on existing projects which current management value at 14c per share - a long way from the current price of 2c!

With PNG virtually 'pre sold' and this alone accounting for 7c per share.

And the above completely discounts the value of Croydon and Brazil. Surely at least 4c per share in there.

With the SP languishing at 2c, I cannot see how I am going to be convinced to vote for this unless the GOA shareprice is at least 10c and it is shown that the dilution and consolidation will not dilute the value of the current assets.

Management recently demonstrated the $20m value of GOA's projects, and I assume that it was not BS and they stand by that valuation.

So I would expect that the current shareholders of GOA could expect around $15m (11c per share) for their remaining 13% stake!

The only way they are going to get the SP to 11c is if Premier is vending a huge amount of cash into GOA considering their final 87% stake!!

I personally cannot see this happening, as it would need to be over $50m and that is patently absurd.

So my initial view is that it looks like GOA management have decided to flog the assets cheap as a reverse list, and all the valuations put on the project are just BS.

One thing is sure - we can get around 7c per share for PNG, so surely it will be better to wind up the company, sell the PNG asset and distribute to current shareholders?

I cant wait to see the 'independant valuation'