Member Info for pied_piper

Hi,

Bit of a newbie here but this looks exciting. Have been doing a bit of research and checking other boards and have one question which is stopping me. Help please!

At 0.15p eme is valued at $12m and with the debt they have to loan note holders, that price implies empyrean need to get about $25m from the sale of Duyung to justify that price.

That in turn implies Conrad get about $275m.

Conrad have stated that they want to sell down to about 40% which makes their Capex liability about $130m. Furthermore they have said they need to take on debt facilities to cover 60-70% of their capex.

Why would they need to take on about $75m in debt when they are supposedly getting twice as much as is required, from their sell down?

It doesn't make sense to me. Obviously ideas that this is worth 1p (therefore empyrean market cap of around $80m) and implying empyrean gets $100m from a sale and Conrad therefore gets near $1 billion looks far fetched, to say the least. Certainly Conrad don't think that's likely.

Any thoughts?