So targeting a $110m market cap for MOG. Using the last RaaS note as a starting point, MOG will pay $40m for those assets while holders will retain a 35% interest. In specie confirmed in this deck.
So today’s AJQ market cap is ~$44m. We will divest MOG but effectively get our whole market cap as a payment plus retain an equity share of MOG that is collectively worth $38.5m for holders.
To really spell it out, this is a deep value play with significant capital upside based on a future capital event. Provided the IPO gets away at $110m, AJQ holders get almost $80m in assets and retain some assets vs a current market cap of $44m. Also, MOG will be fully funded provided significant upside on our in specie distribution.
Morgan’s on the top line also adds lots of comfort. They will pump this to all the mums and dads and tbh, at the implied valuation it looks pretty compelling particularly when we’re in an oil/gas boom. There should be lots of demand for the IPO and probably some day 1 profits if they’re pricing it at $3.33/TJ vs a peer average of $7/TJ. GLTAH
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