Sundance Resources debt to secured note-holders = AUD 132M.
Sundance Resources debt to litigation funder Burford Capital is unknown. Burford Capital rose 3.67%, an increase in market capital of USD 102M (AUD 152M) following report of Sundance Resources settlement with Government of Congo. Not sure if Burford Capital market capital increase is any reflection on fees for funding litigation for Government of Congo dispute.
Sundance Resources investment in Mbalam and Nabeba = AUD 400M.
Sundance Resources claim against Government of Congo = USD 1.5-5.7B (AUD 2.2-8.5B).
The question is, does the settlement amount with the Government of Congo reflect the claim amount (AUD 2.2-8.5B)? I doubt it.
Assuming the claim was settled at AUD 2.2B (low end of claim amount), then estimates of payout could be: Secured Note-holders = AUD 123M Burford Capital = AUD 152M Shareholders = AUD 1.925B, Shares on Issue = 10B, Return to Shareholders = AUD 0.19 per share
Assuming the claim was settled at AUD 200M (50% of investment in Mbalam and Nabeba), then estimates of payout could be: Secured Note-holders = AUD 123M Burford Capital = AUD 152M Shareholders = AUD -75M, Return to Shareholders = SFA
Sundance Resources dispute against Government of Cameroon still to be resolved.
Any thoughts?
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