Last post for today before I get accused of downramping.
"Talks are already underway with potential partners and proceeds are estimated at US$1bn."
There is little chance they sell 20% of Blackwater for US$1.0b. That would be equivalent to US$5.0b for 100% of Blackwater. WHC is paying US$3.2b to US$4.1b for 100% of Blackwater and Daunia. I would eat my hat if they received a price equivalent to US$5b for 100% of Blackwater.
"If Whitehaven achieves a sales price in this vicinity, they’ll have the flexibility to pay-out the newly acquired debt and soon be back in a net cash position. That means the cash flow generated from the larger business can flow straight to shareholders."
The author suggests they go net cash and then the floodgates open. Even if a bidder pays US$1.0b for 20%, they still have deferred consideration and contingent payments of US$2.0b. The cash generated from the larger business goes to that US$2.0b first, and then later to shareholders.
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Last post for today before I get accused of downramping."Talks...
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