I mean I wouldn't call that great business ... LCL Management has wasted 10 months entertaining Tiger and blocking out Visby, who has upfront cash, (for the obvious reasons of the misalignment between the LCL Board and Tiger). The opportunity cost of this alone has cost LCL shareholders around $200k a month for the burn in Colombia and Management's salaries etc, so around $2m is a safe assumption.... Now, they're getting back $1m!!! Woohoooo, brilliant!!! .... They are still losing $1m! .... If go with Visby they're at least in the black $5.5 and can run the company and some drilling for almost 2 years (and perhaps with some dignity).
LCL Price at posting:
0.6¢ Sentiment: None Disclosure: Held
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