Gotta say, I am (negatively) surprised by the small SP reaction. Is it a case of buy the rumours, sell the news?
Looking at the recent price action, which IMO was well beyond the general Li rise, some traders may already have expected the positive sale outcome and factored it in.
Or is it that in most cases, the SP soon drops back towards or at least closer to the issue price? hence, ppl wait for a pull back?
On the flip side of course is the very FA aspect of things. We have an mc of $1.6B atm. How much in that would have factored in already the value of AJM?
Because when we raise $250m by issuing extra shares, we then get all of AJM, which would be valued at....? I'm thinking the plant at asset value, plus the resource plus unlocking of the sterilised zone, would have to be worth a fair bit.
Does anyone have any back of the envelope numbers?
Ann: Share Sale Agreement to Acquire Altura Lithium Operations, page-86
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