so whats cape lambert worth, page-43

Correct me if i am wrong here Proofreader, but think SP betweeen 58c to 65c seems to b more realistic.

Shares trading: 388.8m
SP: 0.57c
Cap: 221.6m

Another way i'd look at this is after the 1st tranche payment from MCC of $240m (ie 230+10) today,

Shares: 388.8m
Tranche 1: $240m
Cash: 13m
SP: (240+13)/388.8 = 65c or 240-13/388.8 = 58c

Not sure about their debt situation, say they used 13m to pay-off whatever debts they had. Still get 58c to 65c.

The $400m offer is nearly twice the mkt cap, isnt it? For an investment of $20m that CFE made when they picked up these blocks in 2005, $400m is a massive wind-fall of a return in 3 years time.

Cheers