Nursery,
Assume that Mt Thirsty, Lake Torrens, Mt Lucas & Parkinson Dam are sold for zero net gain....very conservative. Then TAS sole asset is its EDE stake:
EDE 44.95% or 438717543 shares
At 7.2 cents = $31587663.1
EDEO 44.379 or 483198298 options
At 4.1c(perversely) = $8122563.39
Current value of TAS holding of EDE/EDEO = $39710226.50
TAS on issue:
370587232 shares
81773379 Options
Assume all outstanding options are exercised netting $4088669
Then 452360611 diluted TAS shares
EDE stake plus cash held from option exercise =43798895.5
or $0.09682 per diluted TAS share
Hence..
To reflect fair value of TAS's EDE/EDEO holding
TAS should be 1.898x current TAS share price (5.1 cents)
or 1.344x current EDE share price (@7.2 cents)
7.4 x 1.4 =10.36, page-14
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