I got into VML for the gold play so I haven't looked into Watershed in a huge amount of detail. The NPV numbers you quoted are pretty low so even at double, I'd be surprised if we get close to $15m.
If the Watershed CAPEX is ~$105m and TGN want to finance it with a debt component, they'd probably seek 70:30 debt/equity ratio so they'd need $31m equity to secure the debt. That's just a typical structure so I can't be sure. Perhaps they can secure a better ratio or access more equity? But if that's the case and they've just raised $20m and have $10m in the bank, it doesn't leave much for the cash acquisition of Watershed.
Will be interesting to see the outcome.
Ann: Trading Halt, page-48
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