61 % sharholdes versus 31 % Fortescue
Last year, GB spoke of a minimum takeover price of USD 1 per share with a fully diluted number of shares of 320 million, i.e. a takeover price of at least USD 320 million.
Translated into today's 91 million fully diluted shares, we would therefore arrive at a takeover price per share of USD 3.5.
Last year we had the old PEA.
The new PEA from May 2024 has, as is well known, improved significantly, so a potential takeover price should logically be higher than this USD 3.5 per share.
There is constant discussion about an unfriendly takeover.
I am not sure whether every dollar has to be saved in a possible takeover of a world-class copper deposit with an expected mine life of 28 years.
Fortescue or any other potential buyer is primarily concerned with profitability, legal certainty and acceptance by the local population.
These are the real hurdles.
And we shouldn't underestimate Alta's 61% shareholders.
They will have their say in due course.
Nobody in this world has anything to give away.
Especially not in times of significant inflation.
Without having to do anything, Fortescue has or would have a discount of 31% at any time in the event of a possible takeover.
Whether 300 million, 400 million or 500 million have to be paid.
That has a value.
And that's what it's about.