Alpha Minerals Inc ESOFD

premium

[patientriskyinvestor]

I agree, that it should be close to 50-50.  It depends on the relative cash positions.  The only issue is the calculation of fully diluted.  Once you add in all the options at FCU the ratio is 5.55 and that does not count the very latest options issued by FCU after the appointment of the latest director.  If Dev wants to force a merger, on his terms, with his managment team, then he needs to offer something to entice AMW b/c quite honestly no reason for AMW to capitulate.  They are the more attractive true "takeover" candidate since they become operator on Jan 1, 2014.  Any true takeover by a non-JV partner would have a very hard time closing before October, ie after the summer program or at least the last few days, and the drills probably won't start turning again until Jan.  If an outside party wanted to buy only 50%, they would not want FCU as non-operator for the next 2 years so if there is a premium, it would be for AMW's more attractive tactical position.  Current share price and daily market volume is for day trader's and short term investors.  An outside party could care less and the premium it will pay for one over the other is a premium to be the operator.