preliminary number crunching suggests sp will drift to about 12c...

preliminary number crunching suggests sp will drift to about 12c but certainly don't count on my analysis

my numbers based mostly on comparison with BDG including market capitalisation and a DCF valuation of the Ballarat project ignoring Chewton

looks like any "sophisticated investors" coming in at 4c will be getting a bargain and looking at it as an IPO it should have been priced more like 10c - but to get it across the line I guess CGT have priced it at 4c

my guess is that a 1:1 rights issue is not fair on shareholders, should be 2 for 1 but we will probably vote with the board at something about 1:1