The optimum return on capital invested means that BEX could own 45% of AE, is how i read it.
Good news is that MOIC is at this time on the lean side with under 40m$US invested since day one. This includes the ice 2 drill.
Even if the recently raised funds are to purchase additional land etc the MOIC will still be very small against the expected value of the business, should all the stars align.
The details are in the TPET prospectus
88e Long Term Investors Group - Q&A from Dave Wall, page-9
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Mkt cap ! $57.86M | |||
| Open | High | Low | Value | Volume |
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