Ann: Contract Extension - Isaac Plains East, page-20

https://www.theaustralian.com.au/bu...r/news-story/58154f074ae54c20d506f131750e3f32

“Stanmore Coal snubs Indonesian offer as expert report puts much higher price tag on miner


PAUL GARVEY
RESOURCES REPORTER
DECEMBER 12, 2018

Stanmore Coal could be worth more than double the $240 million takeover offer lobbed at it by Indonesia’s Golden Investments, according to independent experts BDO.

A target’s statement released this morning by Stanmore (SMR) included an expert’s report from BDO which valued the coal miner at between $1.48 and $1.90 a share.

The company had already advised shareholders to reject the 95c per share offer from Golden Investments, and the findings by BDO will only bolster the company’s case.

The offer is clearly inadequate against a range of comparisons and does not account for the positive outlook for Stanmore and the company’s pursuit of strategies and initiatives to maximise shareholder value,” Stanmore chairman Stewart Butel said.

Stanmore, which owns the Isaac Plains coking coal mine in Queensland’s Bowen Basin, has forecast underlying earnings before interest, taxation, depreciation and amortisation of between $130 million and $150m this year.

Shares in Stanmore were 2 per cent higher at $1.00 each in early afternoon trade.”