Excellent report (shame about the Oz action today though). To quote from the pdf:
'We have seen the off-take terms and they are reasonable, at a modest discount to the market.
This is a base price deal. Thor has the right to sell elsewhere if it is offered more, though it does have to
offer Citic the right to match the new buyer’s price.'
&
'we suspect that given the opportunity Thor would be happy to raise a little extra
capital, as long as the discount to the current share price was very narrow or non-existent. If this proves
to be the case, we would expect to see a big Australian name come in as a subscriber, rather than
relying on traditional equity sources.'
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