PIGS? Done this way, I make it that they are paying 40m, excl warrants, for an initial 60% control. If they bought GCX out at 50c it would cost them over 200m not including the debt liabilities to Repsol, but they would save the 4 mill on pig feed.
If the enlarged share capital is around 725m shares, excl warrants, CGX will be left with around 25m working capital to fund forward 2013 committments and excluding future drill share obligations under its new licences. On an enlarged 85m (60 ex plus 25 cash injection) marcap and 725m shares, our sp will settle around 11c.
Bleak, but not the end of things. All depends on how PRE and CGX will approach any new JVs.
Looking at the numbers guys, CGX was basically bust.