it will NEVER see double digits.That's a bold claim. In other...

it will NEVER see double digits.
That's a bold claim. In other words its market cap will never reach $300m...and that for a project with stated NPV of $760m and a capex requirement of $194m.
In the pre placement presentations by the CEO and the CFO I sought clarification on progress with the would-be debt providers.On this the CFO was most unconvincing. So, I turned to the incoming CEO to ask if some form of joint venture was on the board's agenda given that the market will not reward would- be developers of projects that require capex being a multiple of market cap. His response was more encouraging.
If the in-ground product is as attractive as the company makes out then I should thinks that industry participants could be tempted to front up with a $20m+ for a meaningful( if not controlling) equity in the project. Enough to fund the stage one $84m capex.
And it doesn't have to be industry participants to be the critical JV partner. A well managed campaign into European and US capital markets could attract a PE fund or venture fund.
The introduction of a JV partner does wonders for the project economics...but it would do more for the ADN share price.
Wouldn't it?