Sskim, what I learnt ages ago was that the assumed 10-15% is an equity investment, meaning no actual funds are put forward by ORD, rather it sits on the balance sheet in reserves. As you know the SARCO IPO will be part debt & equity funded. The debt will be repaid from the margins received when bauxite is sold. The equity portion is the shares issued by ORD and likewise NFC. This is my understanding, I may be wrong & stand to be corrected.
VAN Price at posting:
3.8¢ Sentiment: LT Buy Disclosure: Held
