AAR astral resources nl

Ann: Astral & Maximus to Merge Via Recommended Takeover Offer, page-3

  1. 9,214 Posts.
    lightbulb Created with Sketch. 4523
    Looks like this is probably a done deal.

    50% minimum acceptance threshold. BCN + Petroulas are c. 35% on their own. There are some noisey HC holders but to get 15% out of the remaining 65% seems highly likely IMO.

    Combined entity looks like a winner IMO. Once you put Redback into year 3-4 they should produce c. 500koz over the first 4 years. And have margins of above $2.5k at spot given Marc has recently said opex hasn't moved significantly since SS.

    MC here is about $220m at completion. This makes financing very doable and as above we should have $1.25bn+ cashflow in the first 4 years. That is a rapid payback and cash build.
 
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