Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
At the point your calculayer breaks, so does the market. This asset could easly see the T1 price crater, invalidating all these prpjections.
Im not saying that WILL happen, but it could. My point is that for all these well intentioned projections and comparisons, there are still a lot of unknowns out there.
It is far too early to start counting chickens, when we have not even sat on the eggs yet.
Thanks, 4kandles, vesperdene11.
Still a very valuable carry as you say, but if they have to shoulder their share of development costs it's a not too far away from normal. All the way to production would have been ourageous!
i have already emailed for clarification, let's see if I get an answer.
Hod your horses. very early days. If you are serious about assessing the potentia; SP, start with Mcap and ask what is reasonable for an enormous prospect which is at least 5 ears away from revenues, needs a lot more exploration before a development plan, and a lot of upfrong cash after that.
£1 a share = £550m Mcap. Is that reasonable, at this v early stage?
I don't know the answer, but neither, I suspect, do you.
I have no clear idea how to put a present day value on this.
A very big prospect, which will one day be generating enormous annual revenues and profits. But much to do first even to assess scale, mineralogy, and co product ; assess best refining route for the resource mix, etc. All costing $10ms in today's $s, plus mine/plant constructio of several $100m at least in perhaps 3 years time, first revenues at least 5 years away. And that's being optimistic.
And EEE owns 70%, not 100% as many seem to assume.
I'm not up to modelling the risked NPV on that, so have no idea of the plausible Mcap in today's money. It's clearly a very valuable discovery, but whether EEE target Mcap at this stage should be $50m, $ 500m, or somehwe in between i simply don't have the tools or expertise to guess.
Beevorma
15% for early payment is not a "slight" discount. It's a hefty price to pay for ST credit (mb 3 months max) so equates to near 60% if annualised.
It tells you something of the co's alternatives if it is willing to accept such terms. Tho it is possible, I suppose, that given their inability to prepare accounts on time, that the finance function at TGR is simply incompetent. I incline to the former, tho.
" CAML is currently paying an 11% div"
Mb. That assumes final is the same as interim, which the co divi history tells you is not guaranteed. 2022's high metals prices fell way in 2023, so H1 FCF was halved to $24m, barely enuff to cover the 2022 final divi of 10p.
Mb the divi holds up, but mb it doesn't. Don't take that 11% for granted.
Https://www.eventbrite.co.uk/e/proactive-one2one-forum-thursday-23rd-november-tickets-739235702887?a
ALL presenting, along with #EEE
Conrad, to better address the specific wording of your Q, I my understanding is that 30% triggers an obligation to bid for all o/s shares. The acquirer can set whatever price they like, but they're not gonna get control unless that can get at least 50% to accept a price. Once that's the case, I believe there are ways to make it unattractive for the remaining S/holders not to sell.
Conrad, my understanding is the same as not2sure. But generally predators are reluctant to go hostile until they have exhausted the possibilities of persuading the BoD to recommend, which here they clearly aren't minded to do at anywhere near 33p. NH interview makes it clear that they want to see the project thru, unless a bid comes in that it is hard for them to deny under their responsibilies to all shareholders.
Fwiw, I'm v relaxed about a lowball offer, unless Assore raise their price and get other parties on board with combined stake near 50%, I think NH and the Bod will fight our corner.
Glad to be of help.
But tbc, I'm no guru. And what i say about the wider market can change quickly, some would say we are seeing that already on the back of lower RPI figs in US yesterday and UK today.
I'm not convinced we're out of the woods yet, but as the old saw has it, ask 12 economists and youi'll get 13 answers. it's an uncertain business.
Whilst the Assore offer has put ALL in play with a pretty assured 33p floor, the only downside is that with a 25% stake, it would be hard for other bidders to T/o the company without Assore backing. Doesn't make it impossible if the Bod were to recommend, but it's a complication any potential suitors will have to factor in.
Bcos it's very, very, early stage. EEE is well funded for now, but a LOT more drilling and testing will be needed, and need paying for. Yes, someone may partner at some stage, but who knows. Either way, it will be 5 years at an absolute minimum b4 any ore gets commercially processed.
And finally, the market is short of ready capital atm. 3 years ago this sp would have flown, but currently the focus is on cash, and returns that are far in the future get heavily discounted.
That's my pov, anyway.