Potential Acquisition of Karlawinda Looks Good for Regis; Raising Our FVE to AUD 3.05
The proposed acquisition of 100% of ASX-listed Capricorn Metals for about AUD 80 million net of cash looks a good one for Regis. The proposal is to acquire Capricorn for AUD 0.114 per share, a 93% premium to the last close, by issuing new Regis shares. This is smart, as at a share price of about AUD 3.90, we estimate Regis shares are about 35% overvalued. Management is in effect issuing about 22 million of new shares for Capricorn Metals. Based on our stand-alone AUD 2.90 per share fair value es...Regis Resources is a gold producer. Co. and its controlled entities are engaged in the production of gold from the Duketon Gold Project; exploration, evaluation and development of gold projects in the Eastern Goldfields of Western Australia; and exploration and evaluation of the McPhillamys Gold Project in New South Wales. Co. has two reportable segments which comprise the Duketon Gold Project; being Duketon North Operations, comprising the Moolart Well Gold Mine, and Duketon South Operations, incorporating the Garden Well Gold Mine and the Rosemont Gold Mine.
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