No worries, been sitting on the idea for a while but his...

No worries, been sitting on the idea for a while but his comments today added to the theory.

The debentures and conversion piece is very interesting and very attractive to the SOLGROUP to make a success of phase 2.

They can convert to shares in 2025 at current IPO price (90%) So a bit like an in the money option if they can add value to Renergen and by implication the share price

Options on the conversion are also interesting as it covers all the angles.
- IPO,
- no IPO,
- delisting from JSE (not sure how I should read the ADS's)
if I read the 3 conversion options correctly

The part of the 2nd tranche will only come into play once the PIA becomes unconditional makes me believe that the PIA news is also due soon.
(PIA = Project investor Agreement)

And further if you like to speculate, it could be Airsol that is the PIA if they did an in proper DD on Renergen to the same extent as Standard Bank. You possibly wont to a DD to that level unless you are looking at a larger transaction than the $7m

Just some thoughts

Fun to speculate