WNI in their wisdom assessed BRM to have a value 5 times greater than FRS. (ie 6 WN shares for FRS v 30 WN shares for BRM).. do we still think that is the case?
Notwithstanding the cash differentials of the two (which after the AGO payments to FRS are likely to be similar) this would mean that the $200M MC that AGO has ascribed to FRS would equate to $1B in BRM land... thats a SP of circa $7 for BRM. Is the WN noose really worth that big a discount?
What am I missing here?
WNI in their wisdom assessed BRM to have a value 5 times greater...
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