The full 40% acquisition was already approved at the GM.
So the second 20% (share swap) should be completed by the end of this month.
142M shares post 40% acquisition
PAK MC at 16c would be $22.7M
If we're generous and say coal is worth $8M
Then 40% of IIM would be $14.7M
So implied value of IIM at current SP is about $36.75M
Value, page-5
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