Ann: Great Australia Royalty - Update , page-17

Currently EXS is trading below cash backing with no value assign to large number of tenements, coper & gold resources, royalties or 50% of producing gold plant etc. In other words EV is negative. Let assume SP of 15c yield MC of $50M. Now if SOL is to offer 100% premium to current SP which is 30c that would cost them $100M.However EXS has $50M in bank & CC whose parent company is SOL is liable to approximately $25M in royalties over the next few years so total takeover would cost them in real term only $25M and they would pick a whole lot. All they need to succeed is to get the support of IVA which anyway recently signalled that they may divest some of their no core assets. Let the game begin.