I don't think we have had any visibility on commercialisation for the last 2 years. The only indication we had was Paducah (e.g. why would you apply for Paducah if you were shelving the technology).
The only positive I see is that the license, and sunk costs in R&D are owned by GLE and not GEH. That 10 years of development isn't lost when GEH walks away. Further, if they do find a buyer, the commercialisation outlook would be a lot clearer and very much reinvigorated.
I wonder what the cost of GEH's 51% would be, and why a party interested in buying that wouldn't also take a large chunk of SLX considering they would be buying underlying cash (plus the IP for nothing)?
Obviously you would likely need to pay a large premium to take the shares off the insiders, although you wouldn't need to do this to take a minority stake.
The biggest issue is if an investor isn't found. $60m won't go far commercialising this technology (GLE burnt through Cameco's injection pretty quickly).
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I don't think we have had any visibility on commercialisation...
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