we were all happy about a massive dilution when pensador came on board. Have you considered the possibility that this just a stage of the pensador dilution albeit under a different name to what was previously expected?
the valuation ratio between CVI and PNSR has just changed considerably... To be simplistic lets assume we are aquiring an asset that will be valued at aquisition cost.
We are issuing 937m shares as a result of this... more than half of the value of the asset is not coming from dilution but from deferred debt.
Assuming this $320m is money that would have been in pensador but now isn't because CVI funded it another way we have about $770m left in pensador. How does our clawback ratio look under those circumtstances?
CVI Price at posting:
8.5¢ Sentiment: Buy Disclosure: Held
