At current ARD sp all the options should be converted. At 17.6c strike price and 41m ARDOs that's just over 7m. cash coming in June... I'm guessing that current cash position is about $2m (given that expenditure for Bullant ceased some time ago.)
So $9m pays for an awful lot of Kempfield development.. With DFS (which might be partly funded by GCR) at $2.5m and further infill drilling say $2m that still leaves ARD with a very healthy cash position at end of this year of around $5-6m... IF THE OPTIONS ARE CONVERTED IN JUNE.
My guess is that GCR will convert some equity for expenditure. ARD may yet end up with more than 70% of Kempfield. GCR have about $4m in kitty but they have alot on their plate. I can't see them wanting to throw $700k at Kempfield DFS.
ARD Price at posting:
20.0¢ Sentiment: Hold Disclosure: Held
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