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Brinkley Mining
- BY: Andrew Hore |
- POSTED: 08/09/2010 |
ASX-listed Eurogold is making an agreed all-share offer for Brinkley Mining.
Eurogold is offering 11.9228 of its shares for every 100 Brinkley shares. Eurogold says that the share swap figure relates to the relative amount of net assets that each company will bring to the enlarged group.
Based on a Eurogold share price of 16.5 cents a share, Brinkley is valued at 1.14p a share, or £4.07m. That is a 35% discount to Brinkley’s NAV of 1.76p a share. Eurogold is trading at a 37% discount to its NAV.
Shares in Brinkley rose 0.2p to 1.08p each.
Eurogold already owns 41.1% of Brinkley.
The merger will save £190,000 a year in costs.
Download the September edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2010_12.pdf
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