Interesting and I know that the SS is limited by the amount of resource that can be included in the study. I also recognise that circumstances have changed in terms of commodity prices and share prices since AZH was taken over.
However, at the time TRY took over AZH the 'implied MC' of the offer for AZH was $188m.
An initial SS NPV of $101m shows that all else being equal the AZH acquisition has not be favourable for TRY shareholders.
This will change of course if Au prices firm but shows that TRY pulled the trigger early in its acquisitive programme.
Perhaps those companies that are acquiring projects now (I see SAR is in a trading halt due to material acquisition today) are successfully bottom trawling.
Cheers John
TRY Price at posting:
$1.05 Sentiment: None Disclosure: Not Held
