eshmun Thanks for that, however: - MLX also offered about 5...

eshmun

Thanks for that, however:
- MLX also offered about 5 million in MLX shares
- The cost of bringing the CTP into production is paid by MLX or NST and they get a large share of the project for it in return. So, this does not add to the value of the CTP or TAM.

My estimate (for TAM, not the CTP alone) goes as follows:
- TAM value with MLX offer: 11 m cash - 11 m debt + 5 m MLX shares + 32 m option = 37 m
- TAM value with NST offer: 11 m cash - 11 m debt + 9 m NST shares + 20 m option + 32 m option = 61 m

Assuming
- that the proceeds from ABM for Coyote (5-7 m) is offset by sundry costs (corporate etc.)
- that potential upside of the CTP (by not using the put options) is offset by legal and other risks

The question remains, if/when/how the (retail) shareholders will get this value paid out.

DYOR