All script takeover??, page-20

Agreed ..

The issue is that 100% of the JV and then 100 % of the Capex is a massive adjustment in the metrics for ADN

but the earnings kick could be significant and the massive benefit to ADN shareholders is when ADN expands beyond the metrics that the JV is currently valued at and therefore what MEP may arbitrarily be valued at ..

furthermore it's about a ratio but also about a price .. what price the control of the outstanding 25 % of the JV and 50% of NN

Is it $75M , $100M, $150M, $200M ? MEP MC is already sitting at $75M so what's the strategy ?

The MEP board are already all over the metrics of 1:4 SOI vs 1:3 % JV and they know that theoretically, whatever the JV is worth MEP SP = > ADN.. the cat is out of the bag in that respect and that is why I can't see a T/O because there would be little chance of getting it for less than 1:1 face value of SP regardless of the JV value

I have always maintained and I think MEP have publicly confirmed that they would prefer to jointly develop and therefore de risk the project but anything can happen

I think ADN should stick to the path of development and not go down the slippery slope of acquisitions .. the returns are already there, the metrics are already there and they would be better off demanding MEP'S financial commitment to the project and in some ways a stronger project means a higher value and therefore less chance of an undesirable third party acquiring MEP cheaply

What surprises me is that ADN are not allover MEP register.. they should be because rather than T/O they should be building a defensive position in their JV partner.. with enough of a position they could also potentially manipulate to their advantage

The problem is .. no one is selling

All grist for the mill ..