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You would imagine that the funding partners are not likely to be inclined to give up their 22% for cheap now that Minto is looking so good? I was just (optimistically) wondering if there is anything in the official terms that affords PERE the right to acquire a bigger position back below fair market value?
Hi FireAnt,
I completely agree with you, having bought in here recently at 7p - was just posting in response to Tacotaco and his/her/non-binary/ incredulity over the low market cap.
I was previously a holder when PERE held 33% and sold out of annoyance when the 22% was given up on the cheap at the time - with the mine running well and copper flying it is now a different proposition and I am looking at something like 25-30p as an initial target.
With regards the voting A-shares - is there any formal info you can point us to regarding the potential cost and procedure for PERE to 'repurchase' the extra 22% (or more?) share Minto?
Thanks
Superb post FireAnt, thank you. Will be topping up more PERE this week.
PERE used to own 33%. They now only own 11%. They gave up 22% to the funding consortium in 2020 due to the low copper price and not being able to raise money to cover the future funding liabilities they had. This is why PERE is sub £10m currently.
Sorry i might need to look more into the numbers and recent events, havent followed up on this in ages as its been the smallest exposure in my portfolio.
Just perplexed how a producing asset is only trading at 6m Market Cap and less than half that in the recent past.
Last time i checked (2 years ago) they had raised c. $30-40m to buy the mine.
Hence why the SP is bargain bucket IMO.
What do you mean 'to get the production starting'? this is already a fully operational mine..
how much cash/capital raise would they need to get the production starting?
100% agreed!
Considering the known knowns across the market this stands out as the most undervalued at this level to me.
IMO GLA