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Two days in a row. Something going on here?
The one positive from the RNS was the reminder of the $150m value of BLVN's share. So if (and it's a big if) we ever see FID, this should rerate.
The worry is whether the partners now have BLVN over a barrel with the intention of them going bust and buying out their share for significantly less. But then again, even a 50% reduction would still see this at many multiples.
Unbelievable how long this has all taken, especially with a huge strengthening in gas and oil prices. That special divi is looking more and more like a terrible decision, but time will tell. As they say in hollywood, this is in development hell at the moment. But maybe it will all come off, stranger things have happened. It would be nice to get a bit more commentary from the BLVN board rather than these fairly opaque delay announcements every 6 months.
Wonder what will happen to the SP in the final 2 months of the year as we await the Minzdrav decision. Currently the market cap is £10m, which is basically the amount of cash the company has on hand - and values the company's Orenetide asset as zero..
Although MATD is not producing yet it seems strange it hasn't risen at all with oil. You'd have thought there should be more correlation. I find it's times like this when MATD is hovering in the 2s doing nothing that it becomes a buying opportunity - requires a bit of patience because it tends to tread water for a while before it lifts off
To me it feels better not having gangfeng holding onto 35% of the shares in ZNWD and instead these being distributed to shareholders of BCN.
Ganfeng's chunky holding of 29% in Bacanora precipitated them coming in with a lowball offer. We want to avoid that here