OK having digested some of the details, I wanted to run an...

OK having digested some of the details, I wanted to run an approximate valuation of this deal based not only on the initial transaction but adding in the potential value of BCI dividends over three yrs should I decide to hold & assuming the divvy is consistent (not guaranteed).

I will use a BCI share price of $3.00 which in itself offers some upside but of course downside risk as well so let's just take the current price on face value. I'm going to add in the franking credits of the divvy also.

Based on 10,000 IOH shares, worth $9,000 prior to the bid at 90c per share.

The initial deal delivers 4,400 BCI shares worth $13,200 plus a cash component of $1,000 giving a total of $14,200.

A fully franked BCI dividend of 15c is due on August 21, all IOH holders who accept the deal will be eligible. Including franking credits, this is worth approx 20c per share 4,400 x 20c = another $880 value so we now have $15,080 from our initial $9K worth of IOH shares.

Assuming six similar dividends over the next three yrs, another $5,280 is delivered to holders and our initial investment has now yielded $20,360 from $9,000 worth of IOH shares and that assumes no growth in BCI share price.

I hope I haven't confused anybody & my numbers are approximate but looking at this offer now in light of the dividend from BCI I'm feeling this is a great deal and there is no doubt BCI will get 91% of the shares unless a better offer comes across the table.

I'll be holding most of my stock & sitting in BCI unless a better bid comes along.