the market just put in $108M @ 40 cents - I think they have it figured out.
At this point in time the asset (J1) is as real as it could possibly be - $600M funding approved, $600M presale contracts, build progressing. If you had you're way you'd be paying 10 times earnings when its already in the sky - thats the rub, that's why I've taken the risk because I think it will be re-rated some time closer to launch.
Also I find your complaints about debt & dilution a touch redundant - a company trying to raise $600M with an existing revenue base of $35M was never going to finance the expansion through cashflow - debt and equity is the only way. I think they've got the balance fairly nicely.
Never nice to take a loss, me personally I'm going to sit tight, add a few more if I have spare cash and watch things develop over the next few years.
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