I've been watching it since .03c but haven't found any reason to buy ???
Any substance behind the rec' or just on new management??
Crazy
EPE - Enterprise Energy
- Thread starter Bonk
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I've been watching it since .03c but haven't found any reason to buy ???
Any substance behind the rec' or just on new management??
Crazy
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I've been watching it since .03c but haven't found any reason to buy ???
Any substance behind the rec' or just on new management??
Crazy
I can't really comment as I put an order in yesterday at 7.5 and JUST missed out AGAIN..... I looked at the recommended price then new it would be a **** fight to get anything under 10cents so I put off reading it. at a glance it does look like new management is a factor in the rec But I'll have a read tonight if I have time.
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This entity is goign through a back-door listing by acquiring 100% of the issued capital in Bandanna Coal Pty Ltd. Rather than going through the numbers, have a read of the following announcement:
http://www.enterpriseenergy.com.au/...osed acquisition of Bandanna Coal Pty Ltd.pdf
By my rough calcs, post 10:1 share consolidation, there will be roughly 311.25m shares on issue at a share price of 80cps. They will also need to raise $40m via a placement. So lets assume a market cap post back-door listing and placement of about $300m.
For that money you will get 642 Mt inferred and 17.6 MT indicated coal resource in the Bowen basin. A few of these are subject to farm-in including one with MCC (Dingo West) where MCC wil earn 70% by funding all exploration.
Bandanna acquisition will be voted on by shareholders in September 2008. There might be some discontent as their 175m shares on issue at the moment will be somewhat diluted by the 2.9375b shares that will be issued at 8 cps for Bandanna! That is a 94% dilution!! But from the sounds of it there will be upside as this is a large coal target that is being valued at $235m by this transaction pre drilling to get the status to 'indicated'.
Coal seems (pardon the pun) to be low volatility thermal coal with the potential to firm it up to BCI type with more targeted drilling.
Interesting one. Probably a bit hard to value until the shareholder approval is gained. Coal afficiados should keep it on their radar screens.
http://www.enterpriseenergy.com.au/...osed acquisition of Bandanna Coal Pty Ltd.pdf
By my rough calcs, post 10:1 share consolidation, there will be roughly 311.25m shares on issue at a share price of 80cps. They will also need to raise $40m via a placement. So lets assume a market cap post back-door listing and placement of about $300m.
For that money you will get 642 Mt inferred and 17.6 MT indicated coal resource in the Bowen basin. A few of these are subject to farm-in including one with MCC (Dingo West) where MCC wil earn 70% by funding all exploration.
Bandanna acquisition will be voted on by shareholders in September 2008. There might be some discontent as their 175m shares on issue at the moment will be somewhat diluted by the 2.9375b shares that will be issued at 8 cps for Bandanna! That is a 94% dilution!! But from the sounds of it there will be upside as this is a large coal target that is being valued at $235m by this transaction pre drilling to get the status to 'indicated'.
Coal seems (pardon the pun) to be low volatility thermal coal with the potential to firm it up to BCI type with more targeted drilling.
Interesting one. Probably a bit hard to value until the shareholder approval is gained. Coal afficiados should keep it on their radar screens.
