face-off : 0.2c versus 0.4c , page-8

If UXA Resources have a memorably happy day then GAA Wireline is worth A$10 to A$12 million. [I doubt anyone would bid for UXA due to the complicated loan tie-up with La Jolla Cove and Lind].

A buyer for 49% of GAA, about A$5m, would probably be willing to put in A$5 million to GAA Wireline for investment purposes.
Therefore the bidder having 49%, in theory, still owns half of the $5m put in, thus, they could pay up to $2.5m to UXA Resources.

UXA probably are thinking they paid A$5.7m for the Aussie side including stamp duty and about US$3.8m for the American side and put money in. Thus UXA want more than an A$10m valuation.

UXA badly need $2.5m in the coffers.