So a sale of 24% of LH for US$175M
That gives a look through value to PDN's current 75% stake in the mine as US$547M or at 0.75 exchange rate, A$729M.
Given we are selling an asset, not issuing shares in the company, this needs to be compared against the EV of PDN not the MC.
My best estimate of the company's debt is $A566M, so that makes the EV A$959M.
So looked at valuing the company simply on the LH asset, this sale is not at a premium to the current price. However I guess we must ascribe some value to Kayelekera and the exploration portfolio. They have been able to flog some of the exploration portfolio for somewhere around US$30M.
Cheers,
Tim.
Ann: Strategic Process Achieves Agreements to Raise Over US$200M-PDN.AX, page-2
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