Great news for JRL. They will now receive around $33M dollars cold hard cash for 70% of their shares in EME (approx their market cap)...leaving them STILL with around 14M shares in EME (worth around $14M) and other investments worth around $7-$8M. Not to mention the mining projects they have in their own right.
Assets excluding mining projects alone therefore around $55M, yet market cap still sub $35M.
No doubt a decent amount of that cash will be returned to shareholders...probably as a fully franked divided as previously flagged by the company.
Why its still around the $1 mark I have no idea.
Cdchi1
Great news for JRL. They will now receive around $33M dollars...
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