There's upside to Blackrock you're not considering.
basically they get paid gain on the share price over $1, for 5m shares, until the facility ends (5 years). The way I see it, 10% of share gains beyond $1 go to Blackrock, paid in shares or cash, at LPE discretion.
Weird setup I know.
Other than that, I'm also not sure you can base your cash flows off the recent 4C, because cash flows fluctuate a fair bit (particularly because of the growing sales group)
But yes, I agree. Seems undervalued to me too.
Ann: Appendix 4C - quarterly, page-89
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