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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: eyewatch who wrote (6762)1/16/2002 10:25:49 AM
From: russwinter  Read Replies (2) of 7235
 
<who will come for SUF>

Rio Tinto would likely play a role for some or all as they own 18.5%. Takeout price for Messina alone? Figure 7 times cash flow would not be dilutive for most of the majors. On $30 million US CF that would be about $210 million. Subtract off the leverage on the balance sheet ($63 million right now) that's 147 million. Add back in the other properties: 25 million, 50 ? There are 26.8 million shares out (5 milion more to get the rest of Messina?), and I'd say the whole thing goes when it's up and running for $9-11 a share (CDN). That's conservative IMO.

I think investors have sort of forgotten about PGMs because of the wild swings. A mistake.
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