Thankyou @Dazed&confused -- To me it seems that the USD $250M...

Thankyou @Dazed&confused -- To me it seems that the USD $250M (AUD $363M?) for 1/5th of ASMH (Dubbo) is a material factor that may be re-visited -- as the current Market Cap for ALL of ASM is now circa $800M. It seems that the Stage 2 conditions are progressing well (I hope) but they are not (yet) satisfied, however the inclusion of Hyundai is a giant improvement. Hopefully the market has already factored this anomaly into the current price via the short activity (from $14 down to $5s). USD$250M for 20% of ASMH might prove to be cheap, but the market has differed increasingly since Nov 2021. I should be content with what DW settles on the Framework equity deal (superbly, dealing with changing realities) -- to keep the ball rolling on Dubbo, while KMP proves the NPAT pay-back period and the other MPs roll-out progressively.

I have underlined the Stage 2 criteria below:

Conditional Exclusive Framework Agreement
• For a subscription price of US$250m (Subscription Price), the Consortium Fund will acquire
20% of the shares of ASMH.
• The transaction is subject to the satisfaction of certain conditions by the end of Q3 2021,
including:
o The Investing Partnership completing technical, legal, financial and tax due diligence;
and
o The Investing Partnership establishing formal structures for the Consortium Fund
and MagnetCo Fund that are satisfactory to ASM.
(First Stage Conditions)
• Once the First Stage Conditions are satisfied, the parties will proceed to finalise the
transaction, again subject to the satisfaction of certain conditions during Q4 2021,
including:
agreements to give effect to the Proposed Transaction, including a subscription andshareholders agreement;
entry into the Proposed Offtake Agreement, the full terms of which are yet tobe negotiated and finalised;
Australian FIRB, Bank of Korea and any other necessary regulatory approvals to becompleted;
satisfactory project equity and debt financing arrangements with respect to theDubbo Project;
entry into satisfactory turnkey EPC arrangements in connection with theconstruction and commissioning of the Dubbo Project; and
entry into sufficient bankable offtake agreements to justify the customary andreasonable requirements of lenders to finance the Dubbo Project.
(Second Stage Conditions)
• Deposit payment terms:
o the Investing Partnership will deposit US$1m into escrow (Initial Deposit) within
seven business days of signing the Agreement;
o following satisfaction of the First Stage Conditions, the Investing Partnership will
deposit an additional US$9m into escrow (Second Deposit); and
....