I have written an email to AMU's COO alternative proposal to current Scheme of Arrangement.
Instead of AMU paying 2-3c dividend, the share buy back should be reactivate now if possible. Buying back 10% of AMU shares at 27-30c/share should cost about $8.3-9M, with current high oil price this should leave more than $14.5M cash for Eden by end of June 2011.
Even if Eden reduce the offer to $94M from the original price $100M (capped at exchange rate AUD/USD 104.99), the takeover price would be 34.8c ($94M/270M share).
AMU Price at posting:
27.0¢ Sentiment: None Disclosure: Held
