If the company committing to returning all of tranche 1 is any sign of the plans they have for tranche 2, coupled with some other noises, then maybe the current plan is to use the deposit, cash on hand and FFX payment as a $90 million (ballpark 7.5-8 cents a share?) base for a new co.
It should all go to shareholders and we close up, but I also think Simon and team have done the best they could with what they were dealt. I'd take their management on a new project gladly over the revolving door of other dodgy execs. A return of tranche 1 and 2 puts a lot of us up, but obviously not the reward for the risk and time this took.
If they had a way to leverage the experience so far, I think capital return plus a new project is the only way for the last decade to be worth it at all for those who didn't sell any. Maybe I'll think differently when I actually have cash in my pocket and start actively looking for opportunities again, but in the meantime, tell me more about this play in the Gobi desert.
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