Well said, and I don't know how I'm going to cope if I read...

First 2 Last

Share
Profile

Follow
pygmyhipppo

974 Posts.

17

15/01/17

19:07

Post #: 21907649
Share

Originally posted by Dentie ↑

Given the current state of affairs - it seems the CXX Board has already lost control of the Panda Hill project.

I think the Board are sitting there, just as frustrated as the rest of us...as mere "passengers" on the Cradle bus...waiting for the project's REAL driver (Tremont) to announce the offtakes and financing. These events are well over 12 months behind their previously announced schedule and yet the dates are progressively being pushed further and further out without so much as a whimper. There is no explanation from our Board as to what the holdup is and their seemingly lack of interest in their shareholders has clearly been illustrated. What are they contributing in return for their fees?

Tremont own half of the project, they also own (as good as) 20% of CXX's half AND, to sweeten their bargain even further, they get to negotiate the offtake and financing deals. So, in rough $ terms (based on our current market cap)....it looks a bit lopsided....

Current NPV of the project = USD~$400m
Tremont = USD~$26m for 70% of the NPV (USD$280m)
Rest of Cradle Shareholders = USD~$24m for 30% of the NPV (USD$120m)

We were put in the gun when Grant Davey sold his shareholding to Tremont. The gun was cocked when the offtakes and financing job was given to Tremont and now we are just waiting for them to pull the trigger....in their own time of course.

Expand

Well said, and I don't know how I'm going to cope if I read again in the next Quarterly that offtake discussions are at an advanced stage and progressing well...

CXX Price at posting: 25.0¢ Sentiment: Hold Disclosure: Held
1 Upvote

0 Great analysis

Reply

Top Stories

WC8

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

MIN

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

ACW

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

Breaking news: New opportunities for investors & companies - HotCopper opens to capital raising!

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

There are more pages in this discussion • 3 more messages in this thread...

First 2 Last

Add CXX (ASX) to my watchlist

Well said, and I don't know how I'm going to cope if I read...

Top Stories

Pan Asia rebranding to 'clear confusion' after bagging $35M for Chile projects

MinRes's Ellison knows he screwed up – for that reason, hunt for new Chair to be sped up

This biotech stock raised $11M in a risk-off environment. Its Alzheimer's drug could change the game

Breaking news: New opportunities for investors & companies - HotCopper opens to capital raising!

History-making uranium sample grades and an imminent drill run. Infini Resources is poised to transform in 2025

Featured News