the things not making sense at the moment IMO:a nigh 5c discount...

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