RE: Actual Cash Pay OutI think you need to check your numbers.
You go with fully diluted shares outstanding of 53.9 million, but the dividend is not payable except for shares issued and outstanding. You do not receive a dividend if you have an option unless that option is exercised.
Secondly, your assumption based on the value of the company at $1.80 less the dividend is completely flawed. The value of the market last traded at $1.80 was before the news of the disposition was announced. So simply taking the share value and then deducting the amount of the dividend is a rather crude and inappropriate method to arrive at fair value. Perhaps a more realistic approach is to value the other uranium properties based on comparison to the $83 million market value of that one that was sold. Then add a reasonable value assumption for the copper assets and the Indonesian gold project. Then add in remaining cash in the treasury after the dividend. I would argue that a NAV for the company would come in closer to $200 million, projecting a share price objective of $4.
I am not convinced that the transaction to sell a property would generate a taxable event as income but I will leave that to someone with a financial background to present.
cheers!
COACH247