Return of Capital on our Murchison InvestmentI have done this previously using AUD.
Prorata to Tuckanara the result is $43 m AUD which is equal to about $43 million in cad.
Is that a fair return for what we have invested since 2015?
Our cost base todate is $32.1 million US which is about $43 million cad.
This allows nil for dollar depreciation and ignores that the POG is now 50% higher.
To be fair, did we over pay in 2015.
That remains open to question .
But, todate, we have received or will within 6 months, $4 million AUD for Tuckanara, and a putative sale of Murchison which will generate a total of $47 million AUD @ 15 m shares @ 2.50 AUD equity price plus $10 m AUD in cash .
Total implied return is $51 million AUD which is about $48 million in CAD.
Roughly about $0.14 cad per share as return of capital.
This of course may be superceded by the LOI which might be for the entire enterprise value of $165 cad.
These alternative monetization scenarios are both atttactive in their own manifestions.
I prefer the omnibus one..