Note as at WALs Appendix 4C 30 September WAL had $5.694 Million...

Note as at WALs Appendix 4C 30 September WAL had $5.694 Million in the bank which means it had the cash for today’s by back announcement.

I would be delighted if the board decided to distribute all WALs CLR shares to shareholders. Including the 7.2 Million which must be close to being allocated to WAL.

This could be the only way shareholders will realise the true WAL value without a CLR takeover.

According to page 43 of the AGM Proxy booklet.

WAL has to issue 7,400,000 WAL shares to Terence Byrt to receive 7,400,000 CLR shares

Considering WAL has 59,348,958 less the 11,230,000 just bought back plus the above 7,400,000 to be issued equals 55,318,958 shares on issue

Currently WAL holds 10.4% of CLR. CLR’s current Market cap is $171.38 Mil therefore10.4% equals $17.2 Million plus 7.4Million shares at $1.80 equals $12.490.
Therefore total value of CLR shares held by WAL in CLR is currently $29.69 Million divided by the number of WAL shares on issue 55,318,958. equals $0.536 per share.

WALs current share price is $0.45.

OR.

WAL holds 10.4% of CLR.
There are CLR shares 59,348,948 on issue 10.4% equals 6.172 Million Shares plus the 7.2 million shares about to be issued Total 13.372 million shares.

Therefore if the WALs board decided to distribute all the CLR shares to WAL shareholders we would get 1 CLR share for every 4.1 shares we hold in WAL.

Interesting?