Hi JID,
There is an understandably common consensus that going forward institutions wanting to be involved in the project and large mining companies wishing to also getting involved, with a view to a possible takeover further along the journey, would want to have 100% of the licenses in one company, which would be MOD of course. Exchanging MTR's 30% in the JV for a % of equity in MOD would be very appealing to, I guess, the majority of MTR investors as it would immediately put an up to the minute value on its investment in MOD. Exchanging MTR's 30% for equity is the obvious step however if MOD do list on the Main Market in London there might be alternative options to reach the goal of 100% of the licenses in MOD.
I am really looking forward with interest to seeing how the situation develops.
Barring unforeseen disasters, the next couple of years should be exciting times for MOD/MTR investors.
All the best,
Geoff.
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