Sandfire, page-53

A takeover for MOD will be more attractive and of higher likely hood if a potential suitor can take out MTR and the consolidate the area to 100%. It becomes difficult otherwise IMO. I looked at the deal documentation released to market on the deal struck between MOD and MTR to consolidate T3 (shown below) - on which it says that MOD have the right to acquire MTRs 30% in Tshukudu Exploration in the event of a TO - and the consideration is to be the relative proportion of the Tshukudu Exploration to MOD EV determined by brokers. I've put the recent broker vals below (is $/share ie market cap rather than EV but difference is not material)… so

Given 15% of MOD 'EV' is Tshukudu Exploration as below.. and lets say a TO offer equivalent to A$210m (60cps fully diluted).. the acquirer would need to further pull out A$9.5m cash to pay to MTR (being $210m x 15% X 30% MTR share). Is this others interpretation??