It's looking really good. note that the SS was not an optimised number and it was remarked that there was good scope to improve resource and NPV. the drag along is only a back-stop... the minimum only at aud$80m on any early exit t/o.
could they farm in the 3rd HMS project?
$10m mcap with $9m cash (us6m @ 0.66) coming in... don't see any downside. sure... wanna do a CR... do it at a premium. no need to discount on CR here..... maybe a 1:3 option to sweeten the offer.
$80m is the almost guaranteed mcap (because it's conditional drag along) of this stock. currently trading at $10m... with other projects.
fair market value in my view - $35m mcap
all the best
Ann: MRG HMS Binding Joint Venture to Develop HMS Projects, page-126
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