Renergen General Discussion, page-3138

https://www.gateway-grp.com/service/ipo-and-spac-advisory

The last raise for about R550m or AUD45.53m at today's exchange rate for 5.5% of Tetra4.

That values the remaining 94.5% of Tetra4 held by renergen at R9.45b or AUD782m.

There is a disconnect between this valuation paid by MGE and the current shareprice but no doubt management given their shareholdings will look to minimize dilution when raising funds as needed to execute on Phase 2 etc..

They raised the R450m back in December when the shareprice was about AUD 95c or so so MGE at the time happy to pay a large premium versus the shareprice.

The MGE valuation is meant to form the basis of valuation for the nasdaq ipo and further investment into tetra4 for the other 4.5%. So if you consider AUD45m raised already at higher valuations another R450m or about AUD37m plus US100m + for the Nasdaq ipo or AUD153m + so about another AUD190m + to raise ideally at the higher valuation as per the MGE precedence.. So already about 20% (aud45m of aud235m) raised at the higher valuation the remaining 80% would come with investors seeing the US DFC and standard bank loans for US750m or AUD1.15b being put into use towards construction of Phase 2.

Per the link maybe as dealing with Gateway for a presentation in San Francisco in a few weeks a spac as part of the ipo is possible