Dear Wayword,You are living in a world of make believe.The...

Dear Wayword,

You are living in a world of make believe.

The change in Labor policy has already been priced in - yes.

Has the JORC been price in........no.

Large take over premium built in, dilution? They could let a blind chimp take the helm and this baby will hit $10.

Read this...... then you will see how the offer is not fair and reasonable:

Effectively the valuation metrics that the brokers are using to value the takeover offer are only taking into consideration Valhalla and Skal - thus giving an EV/Resource of $US23.63lb (at the time the offer was made).

The SXR UO paid for UrAsia valued their resources at $US31.61lb.

The valuation of $US23lb does NOT take into consideration, the "100% mt Isa Deposits" - Andersons, Mirrioola, Watta, Bikini, Tjilpa, Warwi and the other additional 15 known mineralised deposits.

It also excludes:
- Isa South (9 contigious tenement applications ).
- Georgina Basin (greenfields Uranium)
- Isa North (Base metals)
- May Downs (Gold)
- Constance Range (Iron Ore spin off)
- Mt Kelly (Copper)

IT IS ALSO ASSUMING that SMM is only entitled to 50% of the Valhalla/Skal Resource.

PDN must offer 1 for 1 for a chance - simple.

Would a larger group come to the party.....I don't know, but ERA (RIO) or BHP would be the most likely candidates as I don't like the chances of foreigners being successful under the current political environment.

TheGimp