I also emailed Tony on the weekend and asked about the proposed...

I also emailed Tony on the weekend and asked about the proposed proceeds from IPO.

He stated that the current plan is to raise $500 mill with $300 million as payment to CFE, retain 20 -30% and keep $1 per tonne royalty. That would leave the new company with 75% and approx $200 million cash to commence feasibility. The full trade sale price is still $500 million.

I don't think the market is switched on yet. If we get $300 million (by the way - Tony would not go the IPO route unless he was confident of investors taking up the offer) plus 25% and royalty - we will probably see $100 million plus dividend (20c per share) along with approx $200 million in other cash holdings to pursue other deposit/investments...

75c would look ridiculously cheap if we get close to raising $500 million...