Ann: Pantoro Secures 100% Ownership of Nicolsons,BNR-PNR.AX, page-10

and here again the assessment of the paid market letter from Germany. That sounds good, right?
Bulletin Resources Ltd .: Since the deal!
18:00 | Hannes Huster
Bulletin Resources and Pantoro Ltd. today announced that it has reached agreement on a deal (News).
Bulletin will sell the 20% interest in the gold mine at Pantoro and receives 130 million shares of Pantoro and additionally accepts Pantoro loans of Bulletin.
Bulletin is 90 million shares shareholders by us 40 million shares remain in the company. This means the following for our position in the growing deposit.
We hold 150,000 shares of Bulletin Resources. Over the next 60 days we get a Pantoro share for 2 Bulletin shares. Say we get 75,000 shares of Pantoro (SK today 0.087 AUD) in our depot, who currently has a value of 6525 AUD.
The Bulletin shares remain in the depot. The value of the stock will theoretically fall on ex date to the dividend value.
Bulletin will be debt-three after the deal and together with the existing cash and the shares of the company Pantoro is between 4 and hold 5 million AUD to cleared funds. With 174 million shares outstanding, this means a fair net asset value of 0.023 AUD to 0.029 AUD. So overall, we get a value of around 10,275 AUD (6,525 AUD Pantoro shares, plus approximately 3,750 AUD Bulletin shares).

assessment
The deal is good. Pantoro paid a total of approximately 13.7 million AUD for the 20% stake. Although this is slightly less than I hoped for (my estimate was 15 - 17 million AUD), but we will get back a large portion of our investment in shares of Pantoro so that we can continue to benefit from the gold mine.
In addition, we keep our Bulletin shares. The company will be well positioned with 4-5 million AUD in cash, to reposition itself in the market. I assume that the management will go to the capital on a project looking to create more value for shareholders. Matsa Resources and Management of Bulletin constitute the major part of the company, which gives us the confidence that they are good with the money.
Pantoro now, with 100% of the mine, a strong appreciation potential in the coming months. The broker Hartley had the stock with the 80% interest already recommended with a fair value of 0.18 AUD and a target price of 0.17 AUD to buy:
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Conclusion Uend Procedure
I will keep the shares of Resources Bulletin in the depot and wait for the stock dividend, the stock should not go towards higher in advance or 0.07 AUD.
We bought Bulletin exactly one year ago at 0,017 euros and will now only with the stock dividend about 0.03 Euro recovered. We further reserve the shares Bulletin, the (1.5 to 1.9 euro cents) at least 0.023 to 0.029 AUD should be worth it.
The potential that the mine in the next few months does not, we can use the Pantoro "play" shares and in addition we have the potential of Bulletin shares with a corresponding realignment. Overall, the speculation is very well risen.
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© Hannes Huster
Source: Excerpt from the market letter "The Gold Report"

Disclosures according to Section 34b German Securities Trading Act
Key information for preparing this document are publications in domestic and foreign media (information services, business press, specialized journals, published statistics, rating agencies and publications of the analyzed issuers and internal findings of the analyzed issuers).
At present, the existence of the following conflict of interest is possible: Hannes Huster and / or The Gold Report Ltd. related undertakings:
1) enter into business relationships with the issuer.
2) participate in the share capital of the issuer or could this be.
3) were involved within the last twelve months in the management of a consortium, the financial instruments of the issuer by way of a public offer