Post by
surferjohn on Sep 14, 2005 1:59pm
Recent Wellington Reco.
On Sept.7 with VIA at $7.79, Wellington showed NAV of $5.21 for Eleonore based on 1.9 million ounces. Adding in cash and other props. gave NAV of $6.40. At $7.79, the shares carried a 22% premium(which has eroded substantially) to NAV.
To get some sense of upside, a 5 million oz. deposit would be valued at about $13.71. for Eleonore and total NAV of $14.90. Applying a premium of 22%(not unreasonable-could be bigger) would give $18.18 per share using Wellingtons rational. Bigger premium, bigger price and vice versa. All in loonies.
I'm in this till it's over. Good luck.