Today Iggy said they are looking at funding the Cerenergy...

Today Iggy said they are looking at funding the Cerenergy project with 1/3 Grants, 1/3 Debt, 1/3 Equity.

Cap Ex (< €150m) say €145m ~ AUD240m
Equity 1/3 = AUD80m
ATC's 75% share = AUD60m.
Another cap raise required for sure but where?. It will be interesting to see how it unfolds.
Maybe they will look to sell off say another 10% of the project to German investors. The feedback I'm getting is that the Germans are far more excited about Cerenergy than the Australians.
AAM's current market cap is ~ AUD148m (more than 3 times greater than ATC) , so each 1% of AAM's 25% ownership is valued at 148/25 ~ AUD6m.
So in theory selling off another 10% to the Germans (AAM) could raise the AUD60m.
Another AAM raise would be far less dilutive to ATC. AAM look like they are working toward this IMO and I think the German investors may have the appetite.





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