Hi Phil, I didn't get back from Spain (ironic really) until late on the Wednesday and had too much catching up to do with the business. Had to postpone a meeting in London too for the same reason, otherwise I would have been there.
I've been looking at the options for Anterra given LO's position. Looks like it will have to be an equity sale rather than asset sale. With an NPV of $30M, it doesn't look to be a good buy from a shareholders perspective but good from a strategic partner view as the NPV is calculated after the extraction costs and taxes.
$20M buy of which $10m for debt and $10m for shareholders, leaving just $10M of value at current poo. Clearly some benefits if the POO returns to $60 plus.
Given that the sale can only be concluded after a conversion (hence shareholders vote slipped) I am going to wait until after the transaction rather than take a punt now.
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