ArbroathC1 costs aross ME & Cooke could be closer to $900 USD...

Arbroath

C1 costs aross ME & Cooke could be closer to $900 USD average. Once you allow for development CAPEX, taxes and royalties we would likely of been better from a cashflow point with just ME operating.

It was an easy story to understand now its significantly less so IMO.

Also more chance of SP dilution either through the bondholders and/or the shortfall that will need to be raised from the gap between purchase price and funded debt. I am strongly anti dilution, its always interesting to consider what we are giving away in these deals as opposed to what we are gaining. Diluting SH value in Modder to fund a purchase of Cooke is not value accretive in my reckoning.

I won't keep harping on anymore but the story was travelling along well without this deal. The SP was appreciating and cash was starting to build.