Ann: LGL enters Ballarat sale agreement , page-11

preliminary number crunching suggests sp will drift to about 12c but certainly don't count on my analysis

my numbers based mostly on comparison with BDG including market capitalisation and a DCF valuation of the Ballarat project ignoring Chewton

looks like any "sophisticated investors" coming in at 4c will be getting a bargain and looking at it as an IPO it should have been priced more like 10c - but to get it across the line I guess CGT have priced it at 4c

my guess is that a 1:1 rights issue is not fair on shareholders, should be 2 for 1 but we will probably vote with the board at something about 1:1