The call option terms detailed in the 3 July 2023 Investor Presentation were:
I assume D2O will have a loss based on purchase price and that the loss won't exceed to 10% collar protection. Overall a disappointing outcome given the loss and the transaction costs involved in acquiring the TWE portfolio.
The 3 July 2023 Investor Presentation noted the TWE Call Option as a risk:
The proceeds will at least initially reduce debt and given the current interest rates I assume will be will be overall P&L neutral given effective interest rates of 5.2% at 31 December 2023 and the yield on the TWE portfolio being 4.5% on cost (or c. 5% on current market value if values have reduced 10%). From the 2023 annual report:
Ann: TWE Exercises Call Option to Acquire NSW Water Entitlements, page-2
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$1.36 |
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| Open | High | Low | Value | Volume |
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| No. | Vol. | Price($) |
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| 2 | 7347 | $1.34 |
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| Price($) | Vol. | No. |
|---|---|---|
| $1.36 | 15999 | 1 |
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