Ann: Cue Project approval, page-12

Hi Joel, the headline figure was $201m I agree, but that excludes the $9m paid outside the offer to option holders, nor include the $12.5m in dividends that were dangled in front of MGV shareholders. So yes, I did round up to $230m.

The NPV does not look so great if you exclude the $230m RMS paid for it.... which is why discoveries made by producers are so much more profitable when presented to the market, because they can basically exclude all the costs of drilling etc put into it.

Sure there is upside, but RMS has shown that even with it's savvy purchases, when you look at the upfront costs to purchase their acquired assets, even with RMS impressive graphs, the total returns are... less stellar (though I think Penny will be a standout). Sort of surprised they have not thrown more $$ to drill for look-a-likes, but... easier to buy I guess when you have the cash.

I continue to hold some RMS as they keep taking over all my stocks.... AOP, BRB, MGV....
I guess the trend is likely to continue!