An exciting possibility for sure.....but at what opportunity cost?.
15 months from now I can't see we've created enough real value in each play to really capitalise ....I mean, REALLY capitalise.
This is part of the issue with having a largely retail based share registry- delayed gratification and patience enough to hold out for moonshots are probably not in the wheelhouse of most of our registry (not a criticism by any means, just an observation of an encumbrance associated with the process and playbook for absolute maximum value creation).
It's understandable that people would want to exit and realise a 2x, 5x even 10x gain.
I'm here for life changing 100x gains
Selfishly I want the absolute maximum value creation for all 3 assets to be realised.
IMO the opportunity we have with EXR is exceptional and maybe, just maybe, once in a lifetime like.
The Board has to strike a balance between maneuvering each asset into the prime sweet spot for buy out/some sort of liquidity exit or whatever (via competitive multi- party bidding as the optimum scenario) which will be influenced of course by time/market conditions & sentiment/proven asset value at that point/premiums associated with the undiscovered/unrealised potential future asset value......but also having to asses bids if/when they occur on an ad-hoc basis.
It will be a juggling act (we hope!) requiring deftness, skill and expertise (enter Cottee and his experience) and (we hope!) constant interaction with interested parties & evaluation of scenarios and options.
NY has and continues to press the theme of OPTIONALITY....it's a core attribute of all our assets (brilliant and masterful management at play).
We shouldn't, IMO, be looking to just flick stuff cause we can....cashing out QLD maybe by end of 2023 (maybe still a stretch) is an option of course....but core CBM....and H2?.....no- way!.....let those babies grow and let's swing for the fences!!!
(20min delay)