cost of buying MXI for IMG
Wilwal, what percentage of MXI would you estimate IMG currently controls? The most recent "interim report" puts their share count at just under 16% of shares O/S, but of course, there are other financial commitments by MXI to IMG. Let's say that conservatively, IMG controls 20%. This means that to buy Merrex out completely @.50 would cost them a bit over $68 million, or .40/share O/S as they would effectively be buying 1/5 of the shares from themselves. Having recently traded at .24, I'm not really sure I understand why they're waiting. The more reserves Merrex proves up, the more likely another suitor will surface...