Hi Andres, nothing has changed ny mind about a 100% asset bid.
- Noble interest I think the cap raising deal (when we were between a big rock and a very hard place) is a good deal under the circumstance. Without that $40M, not only would we not have negotiation leverage, we would have been buried alive. Either outcome (100% asset sale --> change-of-control or project development), Noble wins BIG TIME.
- infrastructure BOOT debt funding Not really relevant to SDL in a 100% asset sale scenario. (which is what I expect). This is really relevant to a non-China outcome. If China gets the assets, Chinese state enterprises will build and own the EPC/mine infrastructure.
- interests of players Competition is definitely there (there would have been no tender if there weren't and CDB term sheet rubberstamped by late 2012 without all the BS delays - which were not delays as such but China's manouvering for the new reality)
- offtake...who gets what and on what terms Not relevant in a 100% asset sale. Winner owns the ore.
SDL Price at posting:
9.6¢ Sentiment: Buy Disclosure: Held
