Maybe you are right to use $200m for the BOD to get their bonus but would've thought they have achieved it already once Ganfeng put in $130m valuing the total project (80%) at $260m.
I chose $130m initial Valuation for LEO because the directors can easily justify DD on the prospectus being the amount Ganfeng is paying for their half share. I antipate the MC to be a lot higher on Day 1 of listing. I agree the FFX SP to be higher than today's as each approval timeline is achieved but that doesn't determine the valuation to be used on the prospectus.
I can't remember Mike saying anything about the ratio's. A 1 for 10 will raise $11.5m for Leo with an EV of $118m hence why I decided on a higher ratio.
FFX Price at posting:
54.0¢ Sentiment: Buy Disclosure: Held
