Harry, Sorry, I still can't see the forest for the trees.
You suggest (to me, anyway) that we take the deal now - on KPMG's advice?
We raise cash on an all time low VWAP.
The SP follows it down.
So the Top-up trigger is started & goes ahead, possibly for two years of likely SP increases.
However, the market may see the Top-up as a stinker & not support SP rises. Is that your key?
Or are you suggesting that our board sell the gas plant as soon as the B sands are known?
In that case, why the rush to this deal?
Just guarantee any buyer that EGO will have full rights to sell it, & ERM (& Alcoa?) will be paid out on settlement.
Otherwise, after this deal, are you suggesting that a farm-in will be almost immediate - or what time frame?
How will that come about with no proof of resources (other than B sands) likely for a year?
If no imminent farm-in & resource news, the SP languishes, which is good for the company paying the Top-up, but pretty fruitless for shareholders.
If there are any Long term true believers left among us, then we're back on the call for lots of patience & $15M C/R's...
Or we can wait for resource news to sell the gas plant for top price ($30M+), & support a more humane solution for all shareholders & a bone for the not-so-innocent ERM.
Surely the SP will jump immediately for a debt free, cash in bank, ready to drill "explorer" again.
Come in Farminees when we're ready for you.
Simply put, I'm regretfully suggesting a limited No until the B sands are known - for better or worse. I stand to lose more multi heaps, here.
Stuff the board's bulldozing this through. Give us resources on top of KPMG's other valuations.
Its our company.
( Yeah, I know, Wait for KPMG to advise some miracle)
Cheers, Japes....
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