It’s all very academicuntil we understand the pricing of HFR USD220m but yep, I agree you are on theright track.
On one hand you mightsay whatever HFR equity gets valued at as a % of Muga NPV is what Southey shouldtransact act.
On the other hand, Southeyis a very different project. It’s one of scale, magnitude and tenure but as you highlighted, with that comes transportation to port, USD3.6B capex and time to market. Muga is ready to go and a basic build that will be online before we know it. Southey is probably a decade away at best – do you pay the same price as Muga NPV for an asset that has no construction timeline or certainty? I don’t know but the Chinese valuation and Australia IER equivalent will dig into this.
What’s disappointing forme is the company have given the 4.5m shorts the ability to continue to controlthe illiquid share price and get out without any damage. I think that stinks
Ann: LoI for Cooperation on Strategic Investment, page-52
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