sale of the century, page-40

Mike
its all about timing. the sale will save PDN millions in interest, provide it with more operational flexibility and ease market concerns of a CR.

to appreciate whether it was a good deal or not, one needs to low what the U price will do over the next few years and how much margin would that 25% generate and then do a NPV on that cash flow plus minus interest saved .

its all about risks adjusted return, they have protected the downside by strengthening the upside, if U price increases to the extent the transaction was a bad one, then the other 75% will be spitting out cash and so will there other mine, if not and U price doesn't increase or only increases marginally then the sale was a good one, so the only time it would be a bad transaction would be in a much higher U price environment and if that is the case PDN will be flying anyway