simplistic valuation 65c

Based on Surfmore post from over on MMR thread as per below, and keeping GBA's holding simplified at lets say 10% of Advent, then GBA is worth a minimum of $18.3m - which is 65c.

This is based on the low side estimate of the post IPO value of Advent ($183m).

And please bear in mind this is PRE IPO price.

Sell it at your peril...



Proposal by Advent (AEL)

-Book building price range $1.25-$1.75

-Market Cap pre-offering AUD 168-235m

-Net Cash position - AUD 17.9m (April 2010)

-Private placement of shares: 12m new shares

-Shares outstanding post-offering: up to 146 326 668

-Market Cap post-offering AUD 183-256m

-Ownership post-private placement(assuming 12m new shares)

- 8.4% new shareholders
- current shareholders to retain 91.6%

-Directed towards institutional and professional investors internationally

-Use of proceeds: Funding of exploration and appraisal program