My first point was that not much of the $60mm would actually go to PTR, refer the PTR AGM presentation where the analysis is presented with & without grant, reduces PTR's contribution by $13.6 mm.
My second point was that it is the main funding partners BPT and TRU that will each be making a decision as to whether to proceed, and that therefore the most important point about the grant is the amount by which it reduces their expenditure, and therefore makes them more likely to proceed. Eg TRU need to see a return on $100 mm without the grant,but only $75 mm with the grant.
Getting back to today's sp move (which was minor compared to the up move on the grant announcement), I would say that $4.5 mm cold hard cash now was very significant compared with $13.6 mm "maybe" several years into the future. Today's 2 cent drop was fully warranted.
EL
PTR Price at posting:
36.2¢ Sentiment: LT Buy Disclosure: Held
