Updated Net Asset Value ( Book Value ) At the end of the last quarterly, the net book value was $232 million or about
.76 per share.
This included $129 million for CRK's exploration and mining properties.
As far as I can determine, this is based on $1000 per oz gold and A$ of
.91.
Leaving aside the forex gains, its quite reasonable now to use $1500 as the base case POG.
This will add over $60 million to the mining properties and raise the net asset value to about
.92 per share.
This would be a fair takeover price in my opinion.
Note that CRK sold 121 million shares at $1.05 per share last March.
Some of the houses loading up are the ones who brokered this PP.
One wonders if the Luxor bid is a cover for these houses to acquire shares at a much cheaper price, after which the bid will either be rejected or withdrawn.