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
12.8¢ |
Change
0.000(0.00%) |
Mkt cap ! $80.71M |
Open | High | Low | Value | Volume |
12.5¢ | 13.0¢ | 12.5¢ | $185.4K | 1.453M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
15 | 14177649 | 12.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
13.0¢ | 5290348 | 53 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
15 | 14177649 | 0.125 |
4 | 1690867 | 0.120 |
1 | 40000 | 0.115 |
2 | 33650 | 0.100 |
1 | 13222 | 0.055 |
Price($) | Vol. | No. |
---|---|---|
0.130 | 5290348 | 53 |
0.135 | 2108850 | 19 |
0.140 | 129588 | 3 |
0.145 | 107300 | 2 |
0.150 | 219754 | 6 |
Last trade - 15.59pm 22/05/2024 (20 minute delay) ? |
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RAIDEN RESOURCES LIMITED
Dusko Ljubojevic, MD
Dusko Ljubojevic
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