Comes down to what is better value:
74% for $1.2bil(risked) OR
87% for $2.05bil(derisked)?
When you consider people would want a premium now, the 74% would probably end up costing more like $1.5bil
But the 87% assumes a $2/sh offer at a later dater with risk removed. And almost certainly has a premium built in.
In our first year of full production, what could our shareprice possibly be? We will only own 37% of production. $1bil-$1.5bil market cap seems about right.
Genorah with their direct and direct holding may be willing, in fact most like desire a chance to sell down some or all of their NKP holding and retain only their direct holding.
Take cash off the table and invest elsewhere.
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Comes down to what is better value:74% for $1.2bil(risked) OR87%...
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