Here is an extract from VAA's Valuation of Havilah within the Target Statement for CUY (released to ASX on 4 May 2012):
"Valuation of HAV $175.8 million.
The total number of Havilah shares currently is 101,323,223.
Based on a valuation of $175.8 million for Havilah, this amounts to a value per share of $1.74."
It should be noted that no value for exploration upside was included in VAA's valuation.
For comparative purposes, here is an extract from VAA's Valuation of Havilah within the Target Statement for GHT (released to ASX on 5 October 2011):
"We have taken a conservative view in our valuation of Havilah's shares and assumed that Glencore's view prevails and it will be issued with 10,153,756 shares. Once this occurs, the total number of Havilah shares will be 92,975,756.
Based on a valuation of $184.7 million for Havilah, this amounts to a value per share of $1.99.
If Havilah's view prevails and Glencore is issued with 3,260,203 shares, this results in a value per share of $2.15."
It should be noted that no value for exploration upside was included in VAA's valuation of HAV last October.
Cheers
HAV Price at posting:
$1.07 Sentiment: Buy Disclosure: Held
