and here's a summary of the previous zoomy, tu @Access2020
a 17-21.5c capital return
Some good insight from the webinar. My takeaways:
- Offer was for Blackspur
- Acquirer was a roll-up play with the intention to list on the TSX
- The plan was to distribute 80-90% of the proceeds to holders and keep the rest in the vehicle
- Glenn alluded that the price was lower than TSX comps of 2.5-3.5x EV/EBITDA.
- If Glenn is also saying we're worth 1.5x EBITDA then we have a range. Let's say 2-2.25x. Using CE1's definition of EBITDA of A$66m then roughly that implies an offer price of $132m - $148m (roughly).
- For those that want a share price equivalent, the above works out to 21.5c to ~24c, plus we keep Montney
- If the above came off then using the lower bound 80% distribution we'd get AT LEAST a 17c distribution and we'd keep Montney - I'd be happy with that
- Management also said that they won't 'go it alone' for Montney, so it's JV or sale. JV makes a bit of sense in the event of a large distribution for Blackspur as the proceeds for selling 50% can be put towards the capex, so it's a free carry to production.
- Forums
- ASX - By Stock
- CE1
- Ann: Company Update
Ann: Company Update, page-213
Featured News
Add CE1 (ASX) to my watchlist
(20min delay)
|
|||||
Last
0.9¢ |
Change
0.000(0.00%) |
Mkt cap ! $5.700M |
Open | High | Low | Value | Volume |
0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Featured News
CE1 (ASX) Chart |
Day chart unavailable
The Watchlist
SER
STRATEGIC ENERGY RESOURCES LIMITED
David DeTata, Managing Director
David DeTata
Managing Director
SPONSORED BY The Market Online