The "value" of the bid has nothing to do with the av buy price of the current shareholders. Just as you point out in your own comment - the bid undervalues the asset. Im saying $49m or whatever it works out to be once the Avoca share price slides is a low ball bid by a opportunistic management at Avoca (call it a good play for them - but not for us).
Now the assets are in play - all i am suggesting is that shareholders pressure the board to get out an bang the trees to make sure - when it sells - its for a reasonable price - on a valuation basis (independent of buy in price of some holders).
FL is a good low cost mine - on the good end of the development cycle - why give it away for less than 2 times earnings - and get nothing for the rest?
Indicate your disapproval of this bid to the board - i encourage you!!
DIO Price at posting:
49.5¢ Sentiment: Hold Disclosure: Held
