GGPChat

So the 5% is valued at £50,000,000.00, which is the value of Newcrest's loan to GGP.

Do we know how much of that loan has been drawn down? I don't think all of it has but I can't find a figure.

Q

Is all done in USD... Loan was $50m, GGP received $60m for 5%.
Although working out a 5% figure off of today's Mre gives a significantly higher than when the 5% figure was calculated using 2021 Mre figures.
Still all looking good IMO.

Glad thats sorted - we needed this out the way so we can progress to that inevitable and bright future.

Ah yes! I always mix the currencies up.

Thanks.

Q

Interesting that they guickly followed the 5% RNS with a 'great results' RNS.

I think about half, i recall, but I'm not 100% certain.

ProfQuatermass wrote: ↑Thu Jul 21, 2022 5:51 am So the 5% is valued at £50,000,000.00, which is the value of Newcrest's loan to GGP.

Do we know how much of that loan has been drawn down? I don't think all of it has but I can't find a figure.

Q

From GGP's interim results RNS dated 21 March 2022:

The Group has recognised a foreign exchange loss of £581,303 in the income statement as a result of the US$27,188,755 million loan held by the Australian subsidiary with Newcrest Operations Limited in respect of the Havieron Joint Venture. The functional currency of the Australian subsidiary is Australian dollars while the loan is denominated in US dollars. The unrealised foreign exchange loss was incurred as result of the movements of the Australian dollar against the US dollar during the period.

I was watching the excellent live broadcast last night up to shortly after the announcements - the opinion at the time was that the $60 was Newcrest's figure, but this was literally minutes after the figures came in and before anyone had much chance to absorb all the information. Now I've not seen any further discussion about this ( apologies if I've missed it! ) but I'm absolutely convinced now having watched Shaun's proactive interview that the $60 is GGPs figure, and Newcrest put down something astonishingly low.
Quotes like "to be able to articulate, describe & justify an uplift of value", "really delighted to have achieved this outcome" don't fit for your value not being chosen! The whole section after 3:30 cements this for me. I think Shaun went conservative to "win" it.

I agree Loggy - I suspect this was ours now and they were coming in lower

Personally (and selfishly) I was hoping for goodwill, token microbonus for shareholders, Not enough for that in this offer but it is great that we will have some cash to splash. To be used on whatever Shaun needs to splash it on to develop the company. Good progress... and the market seems to be positive about it.