$1.845 or $1.85 is the value of what it cost per share upon the transfer of the NHR 'equipment hire business' to NED(Non Executive Directors)the original holding company of both the NHR and COA 'equipment hire businesses' which then became Coates Holdings p/l.
NHR consideration= 60m cash + 274m=334m = 47.1% later reduced to 46% in COATES HOLDINGS P/L with the 1.1% going to mgmt.
the actual NHR hire business sold into the new entity at 274m approximate=$1.85 per share.(2.74/148M SHARES ON ISSUE)
the 60m cash came from Dale Elphinstone contributing 80m cash for a 20% stake in NHR @ $3.00 per share.
so you may understand why he was buying with such gusto post the COA takeover,maybe he realized that he paid too mu ch at a time when COA was struggling financially but NHR was going ok,so maybe he was averaging down but a combined NHR & COA in vastly improved market conditions now mean the 2 are worth much more as some of the highly fragmented hire market participants struggle(ie.boom) to compete with now COA's & NHR market share dominance
