this deal is not yet done, page-8

3.90 give or take - assuming NCM's share price improves this week following the big miners sell off ( overdone imo)

At $32ncm plus the cash payment it values lgl at $4.03 - If NCM recovers to $33 then valuation $4.14.

Imho the takeout price about 15% - 20% light on - given that LGL's assets are primarily non australian and the gold price is $100+ from gold price when deal originally mooted and near term could easily run another $100 - $150 an ounce before correcting.