scrip takeover by avoca, page-9

at the risk of sounding like the usual disappointed shareholder when these t/o offers come, i think they have come in too cheap.
frogs leg producing 10k oz per quarter at cash costs of $500 leaves us with 7mil per quarter. discount that to 20mil per year and add in the cost of the jubilee mill and thats worth 70-100c per share by itself. fl also about to have a resource upgrade this q.
the south kal resource of 1.5mil oz's may well be troublesome so put $0 towards that.
am i missing something or just looking thru rose colored glasses?