GREY:OLEPF - Post by User
Post by
tony1969on Feb 14, 2013 12:44pm
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Post# 20989218
TGZ's huge advantage.......
TGZ's huge advantage....... This example is for the public 43.5% stake. It will probably be more like 45 to 47% after Badr's deminishing percentage is calculated. They have not contributed any $ since the project started.
TGZ owns 18.7 million shares of OLE. Subtracting those shares from OLE's 150.7 million fully diluted share leaves TGZ with only 132 million shares remaining. Other bidders (except for AIG who has 16.1 million shares) would have to pay for the 150.7 million shares.
It would only take a $200 million bid from TGZ for the public portion of OLE to get us to $1.52 per share. $175 million yields $1.33 per share and $150 million yields $1.14 per share.
This gives you guys an idea of what we need to get to a certain amount (before subtracting Senegal's take) remembering that Bendon in this case would get more (I am guessing maybe 10 to 15% more) because TGZ does not own any of Bendon's 43.5% private stake in OLE.
As my calculations above show if TGZ makes a bid, something around $425 to $450 million can get the whole OJVG ( all 3 parties) for about $1.50 per share before Senegal's cut.
Comments?