RE:RE:RE:Sale of Dufferin for 20 million? What would the 2017 offer look like today ?
My understanding is that ANX made an offer in 2017 to acquire the entire business for 25c. As such it would acquire entire balance sheet and any off-balance sheet items such as tax credits.
Using a back of the envelope approach, I break down the 2017 offer and attempt to create a 2018/2019 equivalent.
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Share count increased between 2017 and 2018.
This resulted in dilution of some items.
share count
2017-Jun 123.3M
2018-Jun 174.8M
The acquiring company takes over all the liabilities on the balance sheet.
balance sheet
2017-Jun $25.1M or 20.4c/sh
2018-Jun $33.1M or 18.9c/sh
Let's start with the book value.
2017-Jun $8.5M or 6.9c/sh
2018-Jun $13.1M or 7.5c/sh
Substantial tax credits seem to be available
2017-Jun $15M or 12.2c/sh
2018-Jun $20M or 11.4c/sh
A premium seems to have been offered in 2017.
2017-Jun $7M or 5.7c/sh (roughly 1/2 year of mining)
2018-Jun - or 0c
Adding it all up ...
book + tax credit + premium = orginal offer
2017-Jun 6.9c + 12.2c + 5.7c = 25c approx (offer)
2018-Jun 7.5c + 11.4c + 0c = 18.9c
book + tax credit + premium = offer
2017-Jun 8.5M + 15M + 7M = 30.5M approx
2018-Jun 13.1M + 20M + 0 = 33.9M
The tax-loss credits cover liabilities on the balance sheet.