RE:NSU downsideI like your thinking in trying to put a bottom value on the combined company but you made a large error in calculating the base case for RMC. $200 million or $4 per share was the market value of RMC when it owned 25% of the upper zone project. The RMC that was just purchased owned 100% of the upper zone project. RMC owning 100% was never valued by the market without the takeover talks present.
If you suggest that 25% was valued at $200 million in a terrible market them 100% should be valued around $800 million in the same market. NSU investors may like that base case a bit better.
I am happy to be a New NSU holder as of Thursday and do not plan on selling a single share.