"somewhat a not-so-good news, $96M gone to pay MACH, but at least it clears up a dark cloud above DRA"
Compared to MACH's starting ambit claim (which, if memory serves, was something in the $300 millions) $96m, payable in three instalments over the next two years, is a great outcome.
Most importantly, given the company's $150m net cash position, this liability can easily be funded without recourse to shareholders.
This has been the major cause of what is a very cheap valuation (EV/EBIT of 3.0x, even after assumption that MACH payments are made in full).
There is another claim outstanding, though ("Nokeng") but, while unspecified, the amounts involved here are not likely to be nearly as large as MACH.
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