Not sure how you arrived at those calculations or...

Not sure how you arrived at those calculations or assumptions.

The proposed deal is Samsung invests $67M, which I think will value PGY's remaining 80% at $280M AUD on a fully diluted basis. Surely that values us up around 17-18c once the deal is binding, with further upside from offtake agreements etc.

The cynics are assuming its a non-binding MOU to pump and raise, however Koreans (Japanese for that matter) aren't in the business of signing fanciful MOUs just to support spruiker capital raises. Loss of face is a big deal, and they wouldn't be signing something they don't intend to take to a binding agreement.

As the more sensible people on this chat have pointed out, the binding agreement is conditional on NOPTA, which is now in the hands of state approval, which looks likely.

Looks like some grubby trader/holder is betting on a capital raise before the agreement is binding, and trying to dump as hard as possible hoping to get back in for the raise. If they do need to raise, which I hope they don't, I hope its a small rights issue for existing shareholders only or a small raise, or even better convertible bridge facility from Greg Columbus. Then the grub will miss out.