Ann: ASM refinances Korean corporate debt facilities, page-37

Exactly. They valued it there, but the mkt clearly valued it far higher as it ran and ran higher. I was a lone wolf arguing against the demerger and sold my ASM shares far higher on the exuberance, but well short of the highs. Been in and out since late 2022.

ALK was the stability of a profitable cash cow business ASM needed to detract from its cash burn, and ASM the potential star to offset the mundanity of yet another gold miner. Now ASM shareholders worry to when they will ever actually see profitability and ALK holders worry where the future long term growth will come from outside of Tomingley and nearby deposits.

Both now trade below their effective demerged price, if higher on mkt cap terms.

For ASM the contrast of the FOMO of 2021 to the gloom of 2024 amongst shareholders is amazing.