anything ELE prints is at best a tough read, at worst...

anything ELE prints is at best a tough read, at worst misleading. I think they might have mad a few errors in their dates amidst all the scurry to publish something, but the deal looks reasonable. there are some oddities and I think the OzPro's have come out winners possibly too doing a deal with Royal Advance, but it's certainly a better read than the recent silence...

my take on the after balance sheet is below as shown in the 'Post miracle v2' column.



a few unknowns:
1. extent of and rate at which equity conversion happens given delays;
2. recognition of fair value of stockpile...

have a great day