Member Info for Culpepper

So you say, Jooby, so you say.

Maybe when you eat it. What we’re all waiting for.

That’s probably true. It is just that it seems to me there may be differences in interpretations of ‘accretive’ in conversations on here.

Which I, and ‘authorities, relate to earnings ( none at present for Ggp ) and not share price, wherever that may go.

It seems we disagree on the meanings of dilution and accretion.

Assuming there is an acquisition, it is very likely to be a price discovery event at that point in time. Something that I think has not occurred since the option exercise, save for the, was it PWC documentation, whatever it was in relation to the Newmont acquisition of Newcrest - they did not seem to be sure exactly what to make of it, pointing out a contradiction.

The process of accretion ( as opposed to share price ) is largely a matter of timing. As far as Havieron is concerned, any acquisition cannot be immediately accretive, and cannot become so until such time as commercial production occurs, when additional earnings per share arising from an acquisition renders it accretive.

In the meantime, Ggp as an entity bears the cost of the acquisition and capex without the benefit of earnings. Pretty basic.

“The overlap between the two funds is 31.82% as of February 2023. “

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Nothing much can happen here in my opinion in the absence of a bankable feasibility study, updating AISC, inclusive of basic processing arrangements, and rendering the project currently attractive to ASX investors.

I have no reason to believe other than in due course things will fall into place. Otherwise Mr. Day and Co would not be considering whatever it is they are considering.

So unless an acquisition is adding to earnings immediately, it is designed to become accretive at a later stage.

A shareholding as a proportion of the market cap can be dilutive, whilst eps ( in due course on commercial production ) is increased - ie eccretive.

That is the balance beyond debt, which will in my view require equity support, as previously.

So the feeling is that Newmont will participate in the Aussie listing as part of the package to sell 70%/Telfer processing to GGP?”

Seems to me to be two separate exercises though may come together, if Newmont accept Ggp equity as part of any deal. Newmont take shares at whatever negotiated rate, and a listing raises the cash balance for acquisition and capex. . If it goes that way.

They don’t want to be diluted. It may be Wyloo has a similar arrangement?

I don’t know where Antipa are with it, but their base case was for their own Minyari Dome processing facility, with some optionality to process at Telfer. Bamps no doubt will know the answer, and have a view on whether that might be relevant.

They put it back. Not optimal. Shortly I suspect may be optimal, on availability of FS and desirability to involve Australian market in supporting any acquisition(s) and capex requirements.

I doubt they will say more until their own time-line is clear.

In the event of any significant equity issue, I say IF so as not to presume, then there probably being no rush, an opportunity may exist for Mr. Day to offer shares at the same price to all existing holders on similar terms to the board, Wyloo, and new ( Australian? ) investors.

Telfer could be immediately accretive - some earnings per share. Havieron can’t be until commercial production.

Punters expect something to happen. It is a question of how the funding might be carried out that is likely seeing limited trading and at this level.

i suppose the alternative would have been were thinking of chucking it all in. can’t be ****d.