Potential takeover of SOLG

PREAMBLE
Solgold listed on London AIM was about to start on Cascabel, Ecuador. The share price was 2p and placing done at 1.5p [British pence] with a market capitalisation of some £8m.  [Ref:SOLG RNS 2 Apr 2013-Capital Raising to Underpin Cascabel Exploration].  

To-date, 18 holes have been drilled at Cascabel of which Hole 17 was of interest amongst others

INSTITUTIONAL & MINING MAJOR
On 8 July 2016, the entrance of Maxit, Merchant Bankers, Canada was key to the Term Sheet for Private Placement [Solg RNS] which later brought on board Guyana Goldfields, Mr Scott Caldwell,CEO-Guyana Goldfield, Warren Irwin of Hedge Fund fame & Newcrest of Australia [Mining Major].

BHP OF AUSTRALIA- "INVESTMENT PROPOSAL"- 10 Oct 2016 [Mining Major]
This caught the market by surprise. In essence, BHP proposed amongst other details to take a 10% stake in Solgold for $30million  & offer $275 million for a 70% stake in ENSA [Company  which owns the Cascabel, Ecuador licence of which Solgold holds 85% and Cornerstone Resources of Canada, 15%].  Solgold rejected the investment proposal and proceeded with the Newcrest pathway.  [Total: US$305 million]

"SOLGOLD NOT RULING OUT POTENTIAL TAKEOVER BY BHP."- Market Intelligence, S & P Global, 9 Nov 2016  

Link: http://marketintelligence.spglobal....ruling-out-potential-takeover-by-bhp-billiton  or http://marketintelligence.spglobal.com/our-thinking/?cat=metalsMining

The preamble: "Solgold is expecting  BHP Billiton to make anothe rplay for its Cascabel copper-gold project in Ecuador via a potential takeover move.." [See 2nd link]

Extract:
"Ecuadorian Mining Minister Javier Cordova told SNL ,Nov 8, 2016 that BHP was still looking at Cascabel and he was certain the mining heavy weight would have another go at trying to acquire a stake in the project."

Nicholas Mather said: "Solgold would consider a takeover from BHP if the price was right."  [See other comments as well]

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Solgold [ sub of DGR Global on ASX, Australia] closed on Fri, 11 Nov 2016 at 27 British pence with a market capitalisation of some £385 million. [1,428 million shares+ in issue]
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M & A
Last M & A was "Zijin*s $412 million Kamoa investment boosts Ivanhoe*s coffers."- www.miningweekly.com 9 Dec 2015.  [Ivanhoe sold  its 49.5% stake in Kamoa for US$412 million].  This equates if taken by simple maths to 100% say, it will be US$832 million.  This is roughly £660 million as the exchange rate is £1=US$1.26

However, note that the size of the deposit is different and locality as well.

THE $36,000 Question?
So how much would Nicholas Mather consider to be the right price?   There will be lower, mid and higher end calculations as is norm.

Note:
I have put this topic under a different title as this appears to be the closing chapter of Cascabel in that it could [imperative could] be taken out in a potential takeover or it could develop the deposit with others if needs be.

Needless to say, Solgold a/c to the latest DGR Nov 2016 Presentation represents a big participation to DGR [See table].

My personal thoughts: One of the most interesting research topics. Please note that in Preamble I gave dates of which I was familiar with, not pre.

Attribution is given to Padmaster and to Amber Mining that predate that.

Sol1, HotCopper poster, Sat 12 Nov 2016  [As always, please check as there can be errors and capital at risk]