Here's the calculation at approximate current EME/ALY...

Here's the calculation at approximate current EME/ALY shareprices, regarding potential distribution of ALY and 14.04M EME shares:

JRL shares on issue: 34.75M (assumes the 2 million options are exercised)

EME shares remaining post acquisition: 14.04M (I have not considered the EME rights issue that was flagged so could be more than this)

ALY shares held: 9.8M

EME and ALY shares distributed PER JRL share assuming all were distributed:

ALY share per JRL share: 0.28 shares (rounded down)
EME share per JRL share: 0.40 shares (rounded down)

Value per JRL share at approximate EME/ALY shareprices:

ALY = 0.28 x 80c = 22.4c per JRL share
EME = 0.4 x 94c = 37.6c per JRL share

Total: 60c per JRL share (or around 60% return pre tax at current SP)

Of course that will fluctuate wildly given ALY SP volatility. EME should stay fairly constant given TKO offer and the flagged 90c rights issue post TKO.

No doubt either or both will get hit today though along with the rest of the market.

And it assumes that the shares are distributed in full which is of course not a certainty.

Cdchi1