Well.. the latest PIPE investment from Empery Asset Management is at a value of roughly $2.85 per CRML share.
That sets CRML’s valuation at $259mn. EUR’s shareholding of 82% gets us $212mn which is roughly A$323mn.
Shares on Issue: 1,394,000,000
EUR value per share: 23c
Fully Diluted: 1,868,000,000
EUR value per share: 17.3c
Considering there is no immediate value for shareholders from the shareholding via dividends or in-specie distribution, I’d give it a 20% discount.. so about 18.5c non-diluted and 14c fully-diluted..
This is my prediction for EUR’s fair value post listing.. anything more than this, I will just consider it a bonus!
General Discussion, page-217
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