Ann: Fourth Supplementary Bidder's Statement, page-6

The other way to look at this whole farcical situation is to realise that Golden made their initial bid almost 2 months ago.

SMR is a cash box. During this time you could imply that the company has produced two thirds of the  value created during the December Quarter. SMR produced 641kt of saleable product at an operating margin of A$66/t ($150 average price less $84 cost per tonne produced) so around $42m of operating margin during the quarter. Take off the sustaining and development costs during the quarter of $7m and you’re left with $35m. Take two thirds of $35m and during the time since the original bid SMR has added $23m of value to the balance sheet.

Divide by 253m shares and you get 

a balance sheet that has increased by $0.09/sh since the time of the initial bid. Hence you can argue they’re actually buying the entire company at a cheaper valuation then what they initially bid.