TAW – AMA Arbitrage

Someone brought TAW to my attention over at PLS.

It looks like there’s a bit of an arbitrage opportunity happening here - TAW has a ~$71m Market Cap and a portfolio of several projects and the Bald Hill project owner, SGX listed AWA, has a Market Cap of ~$S149m (~A$139M at AUD/SGD FX of1.07).

AWA looks like a single asset company, Bald Hill, so given that TAW is farming in for 50% it would seem fair to say that they should be valued at roughly the same, with TAW’s earn in offset against TAW’s other assets, just for simplicity’s sake.

So whats going on here?