Excellent news! A shame the deal couldn't be struck earlier to align with the SPP and avoid the recent share price capitulation but it did allow me to accumulate in the 6's and 7's, so I'm not complaining.
A couple of observations from me:
- Avenira are no longer disclosing the size of their JDC holding. Back in April they disclosed it as approximately 10% but now describe it as a "minority holding". I wonder how much we've been diluted by this deal. Obviously the JDC valuation is commercially sensitive and they want to keep it close to their chest for any future funding rounds.
- Plant modifications are expected to be completed by early 2018. This is great news, as the original timeline for the modifications was 12 months, at a cost of around $10m. So whilst it's taken a long time to complete funding, JDC haven't been sitting on their hands and have done some work to fast track, and possibly even reduce the original $10m spend.
Ann: JDCPhosphate secures funding for full commercialisation, page-11
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