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.
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and here's a summary of the previous zoomy, tu @Access2020a...
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Last
0.7¢ |
Change
0.001(16.7%) |
Mkt cap ! $3.801M |
Open | High | Low | Value | Volume |
0.7¢ | 0.7¢ | 0.7¢ | $153.9K | 21.99M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
11 | 10821900 | 0.7¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.8¢ | 4050516 | 14 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
10 | 9821900 | 0.007 |
5 | 9168617 | 0.006 |
14 | 16262000 | 0.005 |
13 | 5820250 | 0.004 |
5 | 5766000 | 0.003 |
Price($) | Vol. | No. |
---|---|---|
0.008 | 4050516 | 14 |
0.009 | 1161050 | 7 |
0.010 | 2925664 | 5 |
0.011 | 142857 | 1 |
0.015 | 120000 | 1 |
Last trade - 10.03am 19/06/2024 (20 minute delay) ? |
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Gerard O'Donovan, Executive Director
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