I think the market is starting to wake up slowly!!
Surely this stock belongs within the KPMG Independent report at least!
From AFR:
2:30pm: "The best form of defence is offence" is a mantra not lost on Universal Coal, which has come out swinging in its push back against an unwanted low-ball takeover bid received from Ichor Coal, its largest shareholder.
Ichor is offering 16c a share, but an independent expert's report drawn up by KPMG reckons Universal Coal's shares are worth as much as 34c each, which puts a value on the entire company of $172 million.
The release of the independent experts report helped to push Universal Coal's shares ahead 8.8 per cent to 18.5c, which is well clear of the 16c offered by Ichor.
Universal has developed one coal mine in South Africa with a second due to be on stream by year end.
And, along with formally rejecting the Ichor offer, Universal Coal disclosed plans to buy a further coal depositwhich it also intends to develop.
Universal Coal has already flagged publicly it has received indications of a non-binding offer at 20c cash, which is still short of the valuation range of 26-34c a share arrived at by KPMG.
