Ann: USD 15 m Subscription Agreement at AUD 8.90 per share, page-61

The consortium (KCF) will own:

10% of ASM and through that holding indirectly 9% of Dubbo.
30% of SKMH directly and indirectly through ASM another 7%

For which they will pay

$50 Million for the SK Metals plant
$15 Million plus a further $105 Million if approved for a 10% stake in ASM. This also gives them a stake in further metals plants around the world. The due diligence showed them where the real money is to be made.

They also have to get the strategic investor over the line for 10% of Dubbo for $125 Million. Valuing Dubbo at $1.25 Billion

All up if you do the numbers (with dilution) I get a value of $7.84 for ASM with just Dubbo included and $8.93 if you include the 70% of SKMH that ASM will now hold. No value attached to further metals plants.

ASM will be cashed up and the next metals plants will be funded.