the things not making sense at the moment IMO:
- a nigh 5c discount to target settlement value. I understand there is fx exposure; transaction completion risk; UUUU share price risk but 5c sounds like a lot of adjustment;
- the transaction values the BSE at around US$150m. This included the Toliara project and the remaining Kwale (which might generate say anot $20m). Regardless of how you look at it, either BSE paid too much at the outset for Toliara (USD75m I think) or BSE have injected any value into the project beyond basic outgoings and study costs. And to boot, wasn't there a success fee payable to the Toliara vendors? hmmm
- there remains about 6.1m supposed short sales on market (per ASIC short report). Per the Shortman, these trades are about 6 months old so maybe the 'loss sustained' to date is about 15c per unit;
- USD2.4m break fee against a transaction with a face value of A$375m doesn't look overly determined;
- somebody keeps selling sizeable volumes into the 25c ... i think this morning there were about 3.5m units available on the sell side at 25c price, almost drip feeding...
not entirely convinced this has yet played out as intended...
have a great day
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Open | High | Low | Value | Volume |
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6 | 2349803 | 0.245 |
12 | 800710 | 0.240 |
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4 | 158247 | 0.230 |
Price($) | Vol. | No. |
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0.260 | 1644406 | 15 |
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