af shootout, page-20

The week that we have to make our offer has arrived. Just curious as to what people think our offer would be. My guess: $50m (nice round number).

I note that back a few years ago there were some newspaper articles that SRK were 'in discussions' about selling their holdings in Peru for USD$450m (ish) - SRK had about 56% of the company then. That obviously will not be the case now but leads me to believe that a $10M etc bid will be a tad low and perhaps D&C just may then be able to come up with $40-odd million to counter the offer.

How we will then pay for that? Well let's then hope that there has been plenty of wheeling and dealing going on. Maybe the Russian could put in the additional $50m he planned to a few years ago for a further xx number of new shares? Now that would be a nice outcome - 100% ownership and still remaining cashed up (for the next two years anyway).