LOL Bloathog, "evil troll" - remind me never to get in your bad books.
Crazy thing with this SER/Mega deal is every time we seem to take a step forward we seem to take a couple sidewise, or backwards.
Great we now get 50%, $3M, August IPO and even some Mega paper, hopefully not toilet! Trouble is we lost the $70M guarantee and the upside if the Mega underwriting comes in short.
Maybe not such a big deal as we now have 50% but we have no ability to evaluate the other 50% in comparison. No details on what Mega brings to the deal, no idea of the Indian contribution and that's pretty much where we were 15 months ago.
Little wonder the market struggles to put a value on all this.
However I'll stick with the known quality of the resource (and Mega's had time to have a good look at it) and MM's incentive to pull all this together in the best deal for SH's. Still very much a punt but the potential upside continues to grow, particularly when you look at the money pumping into Talga Gold etc. Article in WE Fin Review BTW.
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