I get that coal prices are down.I get that Ausbill Dexia smashed...

I get that coal prices are down.

I get that Ausbill Dexia smashed the market down

I get that coal companies are currently on the nose.

Still at today's prices...

we are talking about a CVR that is worth $3 per share,
and a business which according to the independent expert is worth $3.95-$4.65

Lets say the business is only worth $3 thanks to the changes to coal prices in the last 2 months.

Still $3 (for the business) + $3 (for the CVR) is a whole heck of a lot higher than the current $3.90 share price.

Even if you want to discount the CVR by 15%pa, its still worth $2.30 (+ 3 = $5.30).

Basically we can buy the Yancoal business (said to be worth at least $3.95) for between 90c and $1.6.

Madness!

Good luck to all holders!