The way this makes sense is that it's a strategic investment unlike the Sanlam cap raises.
If anything this stock has been an extreme learning curve.
With SMS, Vimson & these two entities, I see longer term commitments from entities who have the resources or access to the means to fund the project.
If they've got any interest in maintaining their stakes at about 10-15% each, an appreciation in the SP in order to limit dilution if TNG end up needing $300M also has to be on the cards.
The way this makes sense is that it's a strategic investment...
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