My take on the assets gives a substantially higher figure.
Lady Annie - Pattersons were originally oversubscribed in their share (75%) of the Nov. $204m IPO. The second attempt coincided with a big market correction with a commensurate fall in copper prices. When the market stabilises, I think 120m as a minimum shouldn't be too difficult, given that CFE is not a forced seller.
Marampa - TS is on record as indicating CFE is looking for around 400m for Marampa, with 350m the minimum they would accept. TS - "The infrastructure is our bargaining chip". Thanks for posting TS's responses to my questions Deardrphil. TS also replied that MCC are still interested plus 2 others that are currently running the ruler over it.
NIP - 15.8m at current prices
MHL - 1.8m at current prices
Leichhardt - CFE paid 8.5m for the 9k tonne copper mine. Obviously CFE will be looking for multiples of that but I'll leave it at the purchase price.
CXU - 5.9m at current prices
DMM - 8.7m at current prices but I expect this one to rocket when it's drilled out.
Pinnacle - can't find the announcement but from memory the original con. note was for 25m.
Other con. notes - about 10m??
TGF/COV - CFE will have about a third of the combined entity which should be worth around 20m.
BKG - 2m at current prices
BAO/LMY/ZRL - some AIM listed holdings. Haven't looked, but doubt their worth much
IPO & GFE - the figures being tossed around with these two are staggering. Around a billion or something when you stick them together. I have no idea what this means for CFE, so I'll take a bex and a good lie down and give them a $0 value
Lady Loretta - ???? no value ascribed
Cape Lambert South - ??? no value ascribed
Australis - ??? no value ascribed
Cash - end of Jan. was 59m
Last MCC payment - 80m
Sappes - 50m is the slated figure but given it's a couple of years away, I've given it a $0 value as well
In total that comes to 707m or $1.18 per share notwithstanding the significant upside potential of many investments such as DMM, CXU, Leichhardt and others and the fact that many investments were given a $0 value.
10% discount = $1.06
20% discount = $.94
30% discount = $.82
By the way, anyone have any thoughts on Griffen. Despite CFE's cash position, I would have thought Griffen was out of it's league. Interesting times.
Peter
CFE Price at posting:
48.0¢ Sentiment: Buy Disclosure: Held
(20min delay)