"Desperate Money Grab"? Put simply, North Portia as a stand...

"Desperate Money Grab"? Put simply, North Portia as a stand alone project was never attractive enough for $HAV to attempt to raise finance for, let alone try and develop it...plus, why even waste the time to do so when there's FAR bigger fish to fry -ie, SIMEC deal, Kalkaroo, Mutooroo etc.

When you consider the following facts about North Portia, it makes complete sense to flog it off and get some cash in the bank.
- Not permitted.
- Has no feasibility study completed.
- Has added zero value to the $HAV share price previously.
- Has a willing buyer who is/was ready to make an immediate payment for the project.

According to my calcs, after the $4M payment in July, the total cash $HAV will have received will be $8.2M. Not bad, when you consider that this payment would equate to approx 25% of HAV's current market cap, which for a minor, non-core, non-financeable asset sounds pretty damn good to me!

To be honest, I'm just glad that the $HAV board is actually taking some action to liquidate some of their otherwise dormant assets...let's just hope the next one is the sleeping giant with SIMEC.

My 2cents,
JDI.