Ann: Company Update, page-213

and here's a summary of the previous zoomy, tu @Access2020

a 17-21.5c capital return

Some good insight from the webinar. My takeaways:

• Offer was for Blackspur
• Acquirer was a roll-up play with the intention to list on the TSX
• The plan was to distribute 80-90% of the proceeds to holders and keep the rest in the vehicle
• Glenn alluded that the price was lower than TSX comps of 2.5-3.5x EV/EBITDA.
• If Glenn is also saying we're worth 1.5x EBITDA then we have a range. Let's say 2-2.25x. Using CE1's definition of EBITDA of A$66m then roughly that implies an offer price of $132m - $148m (roughly).
• For those that want a share price equivalent, the above works out to 21.5c to ~24c, plus we keep Montney
• If the above came off then using the lower bound 80% distribution we'd get AT LEAST a 17c distribution and we'd keep Montney - I'd be happy with that
• Management also said that they won't 'go it alone' for Montney, so it's JV or sale. JV makes a bit of sense in the event of a large distribution for Blackspur as the proceeds for selling 50% can be put towards the capex, so it's a free carry to production.