IF the 'material funding transaction' involves a placement, IMO SIMEC / Another would need to pay a significant premium. Try buying ~ 30M shares on-market and see what that does to the SP.
A precedent has been set in September 2011 when 'MMG agreed to take a placement of 4,000,000 Havilah shares at an issue price of $1.25, raising $5,000,000.' Source: ASX release 6/9/11. The prevailing SP was ~ 50c.
Dr Giles is the only surviving member of the HAV leadership team that negotiated that placement with MMG.
FWIW $1.25 ps implies a valuation of $273M (undiluted; $304M diluted), a steep discount to various valuations of HAV's existing JORC resources.
IMO any placement (of up to ~ 30M shares) to SIMEC/ Another should be north of the $1.25 ps that MMG paid. However given the track record of HAV’s current leadership we shouldn't hold our breath.
DYOR
Ann: Trading Halt, page-12
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Last
18.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $56.99M | |||
| Open | High | Low | Value | Volume |
| 19.0¢ | 19.0¢ | 17.5¢ | $38.28K | 213.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 48753 | 17.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 18.0¢ | 77972 | 1 |
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| Last trade - 14.39pm 13/09/2024 (20 minute delay) ? |
| HAV (ASX) Chart |