far east capital says expensive

GGY has agreed to sell its promising Oasis orebody to Mega Uranium for $5m worth of shares. It still has a few grass roots projects in QLD that have some uranium potential, and it has a couple of exploration licences in the NW of WA, 100 north of Tefler. The target is Kintyre-style unconformity-hosted uranium but there has been no historical uranium exploration on the ground - even though there is a strong radiometric anomaly.
GGY has relegated itself to the ranks of a grass roots explorer with the sale of the Oasis uranium orebody for a modest consideration, but anomalously, the shares are almost 3 times the price they were the day after the sale was announced. This doesnt make sense to us. There was nothing in any ASX release that suggested the shares should be re-rated upwards. Maybe the market prefers high risk/reward exploration plays.
it is interesting that Leon Pretorius became a substantial shareholder a couple of months ago, but it is instructive that he has since sold. Was he just a trader that took sensible profits, or is there a greater value judgement? Those who were inspired by his entry onto the register might need to give this some though.

Value = Expensive