I think there's a lot to look forward to here, including potential news flow:
- Cape Hardy / Portalis financial close - Signing of other non-grain related parties to Cape Hardy port development - Partner/JV deal on CEIP - Other developments on Cape Hardy site (progress on hydrogen?)
Glenn Chipman just had his 4m performance rights granted - have a look at the KPIs attached to them and you'll see there's definitely some hooks there to make progress by year end.
I think there's tremendous value here under 20c - there's a KPI to achieve a VWAP at or above 20c for 2021 so there's definitely management incentive to maintain
There's another KPI which is linked to a VWAP of 30c over the second half of the year - so the boys still have a long way to go to get to that KPI there when you think we've pretty much been around the 20c mark over the past few months.
I'm hopeful that if/when the JV/partner deal hits (needs to hit this year to meet the KPI) the penny will drop at how undervalued this is right now.
No one trades this because of the limited free float and liquidity so you don't get the pumpers - so again IMO this trades at a heavy discount because of a lack of liquidity/interest from the traders. This is not a bad thing.
As always, DYOR
IRD Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held
