The re-rate will come after the JV and offtake announcements, well before the financing is closed. I really cannot see them raising equity in the 20's because they won't finance it before the other announcements occur, and the other announcements are what will make FYI re-rate.
As mentioned by others, depending on the JV's agreement on value, Alcoa will pay $X for X% project equity and hopefully will use their balance sheet and credit standing to raise debt for most of the project. Maybe we will give up more equity for a carry on some of the CAPEX? Then FYI can raise debt for their share more easily, and/or use offtaker prepayment.
Roly has loads of shares, he will look at every other option before he starts raising equity for our component of project finance. That's why FYI is so good, because we have competent management that are 100% aligned with shareholders as they have huge skin in the game.
FYI Price at posting:
28.0¢ Sentiment: Buy Disclosure: Held
