BIG SKY INDUSTRIAL INC. (BSIN): announcements explained, share price and valuation

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

22 Oct 2007business combination● NeutralMajor

Pre-effective Amendment No. 1 to the registration for U.S. Energy's buy-out of Crested Corp, its 71%-owned affiliate and USECC joint-venture partner: every two Crested shares convert into one U.S. Energy share, an implied $2.37 a Crested share. The amendment brought both fairness opinions forward to October 12, 2007 - Neidiger, Tucker, Bruner for Crested's minority and Navigant Capital for U.S. Energy - and set an October 10 record date; dissenting Crested holders keep appraisal rights under Colorado law.

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18 Sept 2007business combination● NeutralMajor

U.S. Energy registered the shares to buy in the roughly 29% of Crested Corp. it did not already own, two Crested shares for one USE share, ending a decades-long joint-venture entanglement between the two. The deal was conditioned on a majority of Crested's minority holders voting for it, with USE agreeing to vote its own 70.1% the same way they did, and two independent advisers (Neidiger Tucker Bruner and Navigant Capital) each opined the ratio was fair.

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6 Aug 2007material agreement● Neutral

U.S. Energy Corp. (USE) and its 71%-owned subsidiary Crested Corp. amended their pending merger agreement, extending the completion deadline to the end of 2007 and adding tax-reimbursement and lockup terms for option holders as the two companies worked to fold Crested's remaining 29% minority stake into USE.

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