– release of report given it’s greater than 30 days since the Austock lead capital raising
Mkt. cap: $78m.
Valuations:
$0.86/share risked
$2.04/share unrisked
Recommendation: Buy
PLV’s Irvine Island project is a high risk, early stage investment, but it has the potential to deliver significant value as the project is further defined and de-risked.
Pluton Resources, $0.50/share
In October PLV raised $18.3m via placement at $0.40/share. A $5m SPP was also oversubscribed. The Placement was lead managed by Austock, and fees were received for these services.
We have updated the model & assumptions for this capital raising. We expect to have an experienced bulks analyst to assume coverage of PLV early 2010.
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Important Notice
This publication contains a summary only of our research report on the subject company. It has been prepared for your convenience only and should not be used as the basis of an investment decision. Please contact your adviser to obtain a copy of the full research report on the company.
Investor Types – Offer to Professional Investors Only
Sophisticated Investor – 708(8) This Offer is made to you on the basis that, in the last 6 months, a qualified accountant has certified that you are a sophisticated investor as described in section 708(8)(c) of the Corporations Act (that is, you have net assets of over $2.5 million or annual income in excess of $250,000).
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Professional Investor – 708(11) This Offer is made to you on the basis that you are a professional investor within the meaning of section 708(11) of the Corporations Act (for example, you are a securities licensee acting as principal or you are a person who controls at least $10 million for the purposes of investment in securities).
Disclaimer
The information in this presentation has been prepared for information purposes only and may be changed at the absolute discretion of Pluton Resources Limited (‘Pluton’) without notice to you. The information has been prepared based on information available to it at the time of preparation. Whilst Pluton has taken reasonable care in preparing the information, Pluton does not make any representation or warranty as to the accuracy, correctness or completeness of the information herein. To the maximum extent permitted by law, none of Pluton, its directors, employees, agents or contractors or any other person accepts any liability for any loss or damage whatsoever arising from or in connection with the use of or reliance on this document or its contents. This document and its contents do not constitute a solicitation, offer or invitation to buy, sub scribe for or sell any security in the United States or in any other place or to any other person to whom it would be unlawful to make any such offer or invitation. As distribution of this document outside Australia may be prohibited or restricted by law persons outside Australia who come into possession of this document should seek their own independent advice. This document may not be transmitted, copied or distributed, directly or indirectly in the United States or to any US person including: any US resident, any partnership or corporation or other entity organised or incorporated under the laws of the US or any state thereof, any trust of which the trustee is a US person or any agency or branch of a foreign entity located in or resident of the United States. By accepting this document you agree to be bound by these terms. The information in this document does not take into account your financial objectives, situation or needs. Before making any investment decision you should consider, with appropriate advice, whether an investment in Pluton is appropriate to your financial objectives, situation and needs. Austock Corporate Finance, a related entity of Austock Securities Limited has been named as Lead Manager to the and will receive fees from this transaction.
PLV Price at posting:
42.3¢ Sentiment: Buy Disclosure: Held
