yeah would love to see some attached oppies to existing shareholders participating in IPO
In a perfect world, MEP's other projects, now to become dimetallica would have delivered more value to MEP shareholders in parallel with the appreciation in ADN let's say FM 2019 - 2021
In reality, these assets did not deliver, at all.. MEP would have been in a far stronger position should any of those assets delivered something, when in fact they actually in the harsh light of day went backwards ie OZL announcing Jericho non commercial, drilling misses at Bigfoot, complications and delays at Pyramid etc etc
Having said all the above, the board's more aggressive approach in recent times does look much more promising including new assets and new ownership structures which will of course require funding rather than sitting back as minor JV partner.
So I see it as more of a very promising re-start .. whereby the JV structure gets shifted to Peake and Denison while MEP full and undivided attention looks to be being directed to the base metal Cloncurry region which is seeing a massive amount of interest via CNB
IMHO had MEP been fortunate with other assets in parallel with the development of GW then yes, MEP would be easily able to raise at a higher price and extract full value from GW over the long term by retaining and funding the 25%. But this is not the way it panned out and whilst I always favoured raising to fund 25% the longer the DFS delays went on it became apparent that it would be highly dilutionary to do so if the requirement would be + $10M
I think MEP shareholders have done well especially considering that dimetallica will effectively be a 'bonus issue' on top of having value realised via the T/O .. If I want to retain 100% of my % in dimetallica I have to put money where my mouth is and pony up at the IPO
Or, I can take a chance, wait til after IPO hype see if settles back down and buy double the amount if dimetallica falls back to a $10M MC.. Or, I can sell my in speccie shares into the IPO spike and invest the funds elsewhere .. at least we have that choice
The future for dimetallica looks really bright but the value was not realised on those or future assets during the development of GW and that's just a fact of life but they have done really well to realise at least the face value of 25% GW, 50% NNT now
GLTAH and of course DYOR
