I'm not a holder (although I'm interested and if some cash comes up I'll take a position). I'll agree about NRW - they walked away from ERL because they were struggling with funding (the formal line was they could not agree to commercial terms after an NRW announcement that said they had agreed to commercial terms ) - the fact that they are pushing ahead with AJM says to me they think the funding is a formality (FWIW). Us NRW holders are also patiently waiting for the AJM funding tick - we're trading below a reasonable multiple partially because of risk associated with AJM not finalising it's funding.
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