$20m sounds pretty light on, but so is the share price. With a market cap of $44m less debt of $30m - ie HGO = 2.45cps a share, the $20m represents an amazing 3.5cps. Maybe the bidders have looked at the company figures in this light and think they are offering a lot. My view is that $20m is way too little and if further Cu can be mined under the pit, then at $20m the offer should be shown the door. I know this analysis is simplistic and lets hope further processing and Franking credits can add value to the SP.
$20m sounds pretty light on, but so is the share price. With a...
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