In This Section
- BBY Lead Manager and Corporate Advisor to Firestone Energy (ASX:FSE) Financial Restructure
- BBY ahead of the curve, 610% market share growth
- The BBY Financials Team Ranked First for Recommendations
- BBY Trade Idea: Paladin (ASX: PDN)
- BBY Rare Earths Conference (2012) is a Great Success
- Mastermyne Initiation with a "Strong Buy"
- Roll Up to the BBY Rare Earths Conference, Tuesday March 13th
- BURU Energy Reaches New Highs - BBY Clients Return 910% since September 2008
- ASX Conference NYC
- BBY Announces Self-Clearing to Australian Media
- Congratulations to 2011 StarMine Winner John Welsh
- BBY Hiring Private Client Advisers
- Research Publishing to Take a Break
- A Good Head for Radio - You can Bank on It!
- BBY Placed Integra Mining Enters ASX200
- A New Carbon Trading Desk for BBY
- One of BBY's Favourites: FMS Takeover Bid (150% return)
- Roskill Rare Earths Conference
- And The Agenda is SET!
- BBY Private Client Business Gets on the Case with CAIS
- 'BBY Investing' details a "Hard-to-Beat" range of services
- Health Care & Life Sciences - December 6th (Sydney) & 7th (Melbourne)
- ACE Served Up TODAY at BBY Sydney
- A Successful Placement for Auzex
- BBY Barnstorms into the TOP TEN
- Dear Adviser, Please Give Me an Idea!
- BBY's Market Update
- Ben Meikle Goes For GOLD!!!
- BBY Accepted as a Chi-X (Australia) Market Participant
- Good Luck Carsten - We're Right Behind Ya!!!
- SAVE THE DATE: ACE Conference
- More Than Our Share of Options Market Share
- 25 Years in Business Celebrations Kick Off
- Three in One!!!
- Mike Harrowell and Rare Earths on ABC TV
- UPDATE: BBY & StoneBridge Completion
- Peter Copeland Thanks "The Wall Street Journal"
- August 25th is Mining Services Day at BBY!
- Why BBY has Pharmaxis as a Strong Buy
- Mark McDonnell Talks Telstra
- Look Out for BBY's Peak to Trough Analysis
- Reporting Season Results Presentations
- BBY's CEO Glenn Rosewall on Lateline Business
- Global Media Taps BBY Media and Telco Analyst
- Corporate Finance Acquires Some Great Talent
- BBY's Leading Bank Analyst Heads Stateside
- New Resource Analysts Dig In at BBY
- Value creation and strategy demand FMG captures third parties
- BBY Holds Mining Services Conference
- BBY Acquires the Private Client Adviser Network of StoneBridge Group
- Standing Room Only at the BBY TMT Conference
- BBY's TMT Conference Welcomes An Array of Esteemed Speakers
- BBY Continues to Beat the Bigger Names in the Broking Industry
- Be Our Guest: Wimbledon 2011 Tickets
- BBY to launch new website 16 May
- Kingsate Consolidated executes US$100 million syndicated loan facility
2012
May
April
March
February
January
2011
December
November
October
September
August
July
June
May
April
March
One of BBY's Favourites: FMS Takeover Bid (150% return)
Important News For BBY Clients - TARGET PRICE A$0.40/sh.
BBY retains its “STRONG BUY” on Flinders Mines (FMS) - TARGET PRICE A$0.40/sh - was initiated into the BBY universe on July 1st 2011 by Senior BBY Analyst, Mike Harrowell.
Today, Flinders Mines (FMS) has received and welcomed a A$554 million takeover offer from Russian steel producer Magnitogorsk Iron and Steel works (MMK).
Notably, the recommendation was reiterated on CNBC Asia yesterday afternoon by BBY CEO Glenn Rosewall.
The offer is for all issued shares in FMS for A$0.30 per share. A RETURN of 150% for BBY CLIENTS.
The A$0.30 per share offer is almost double yesterday’s closing price. The FMS Board has unanimously recommended the offer to shareholders.
The bid is valuing FMS at A$80/t real forever, and if the long term iron ore price was A$100/t FOB Aust forever the NPV would be A$1/sh, so shareholders are leaving a lot of option value on the table.
Our NPV assumes that FMS has to pay A$2.3B for the mine and port (split 50:50), and a third party builds and operates the rail at A$5/t below rail access charge and A$4.40/t above rail opex, and producers at 15Mtpa.
FMS is a relatively unique asset for someone seeking to enter the Pilbara, because it is still very cheap, it is close (220km) to the next major port to be developed, and it accesses the central Pilbara.
The bid is unconditional, subject to government (FIRB) and shareholder approval.
An independent expert will be appointed by FMS to determine whether the MMK bid is in the best interests of shareholders. If approved, the transaction could be finalised by March 2012.
A great result for BBY clients.