TAS/EDE relative values, page-345

Analysis of current value of Tasman Resources based on cash and holdings in EDE and CNJ

Tasman Resources Ltd (TAS)
Ord Shares   381,612,067
Options   71,948,544 @ 5.0c Expiry date 31/03/2018

Tasman Resources has significant shareholdings in the following companies:

Eden Innovations Ltd (EDE)
Ord Shares   493,198,298 of 1,253,544,739 (39.3%)
Options 101,356,779 of 214,964,500 @ 3.0c Expiry date 30/09/2018  (47.2%)

Conico Ltd (CNJ)
Ord Shares 41,476,285 of 295,700,00  (14.0%)

Current valuation of shares held in other companies

Cash and Investments

	Column 1	Column 2	Column 3	Column 4
0	Company	Shares​	Open Price (31/01/2017)​	Value ($)​
1	EDE	493,198,298​	$0.315​	155,357,463.90​
2	EDEO	101,356,779​	$0.280​	28,379,898.12​
3	CNJ	41,476,285​	$0.045​	1,866,432.82​
4		​	Total ($)​	185,603,794.84​
5	TAS	30 Sep 2016 Qtrly​	Cash & cash equiv.​	17,942,000.00​
6		​	Total Value ($)​	203,545,794.84​

Estimated valuation of TAS of Cash and Investments

	Column 1	Column 2	Column 3	Column 4
0	Company	Shares​	​	Value ($)​
1	TAS	381,612,067​	Ordinary Share Value​	0.533​
2	TASO	71,948,544​	​	​
3		453,560,611​	Fully diluted value​	0.449​

Current Share Price v Estimated Value of Cash and Investments

	Column 1	Column 2	Column 3	Column 4
0	TAS	Current Price​	Calculated Value​	Discount %​
1	Ord Shares Only	$0.265​	$0.533​	50.28%​
2	Fully diluted	$0.265​	$0.449​	40.98%​

Current share price is at a considerable discount to the value of cash and investments in other companies currently held by Tasman Resources.

As always DYOR

Cheers,

GrayNomad