No, we purchased ESS as it diversifies the business and gives us...

No, we purchased ESS as it diversifies the business and gives us the opportunity to take advantage of a commodity that will be in high demand as the push for green builds momentum.

Maybe larger holders on the ESS register, particularly the instos wanted the scrip in DVP as an element of the consideration to retain potential future upside. If the offer was all cash and funded by debt then someone like minres would have a hard time buying a considerable amount of DVP shares on market to retain interest or some level of interest in the ESS prospect without causing the share price to move sharply to the upside. Volumes of shares traded in DVP is small so hard for instos to build a position on market cheaply.

Once future debt funding is approved the market will wake up and reward us with higher SP. I believe we are priced with an element of scepticism that debt funding will be approved anytime soon. Market may not be entirely convinced that any new underground mining services contract will add material free cash flow as honestly the last contract I will admit was a little underwhelming.