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Sources:
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Value to Claimants:
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Settlement amount90.0
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Less: Litigation funding-23.0BB webinar briefing to shareholders 1 August
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Net Settlement Value67.0m USD
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Value to Indiana Resources:
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Downside CaseUpside Case
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Pro-rata on Shareholding
Pro-rata on Sunk Costs
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IDA Share of Settlement69.50%95%
95% is a guess, based on reading of ICSID Award. On Webinar, BB was clear that the settlement is for sunk costs, so she's arguing for distribution in proportion to each parties sunk costs, not their shareholdings.
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IDA Share of Settlement (USD million)46.666.5
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IDA Share of Settlement (AUD million)0.6571.6102.30.65 USD - 1.00 AUD
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less: AU$ 10m held back -10.0-10.0
On Webinar, BB said $10m held back will fund exploration in South Australia for 2-years. Was very clear there's no intention to acquire other assets.
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Net Settlement returned to Shareholders
61.692.3
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9.715.0
Aligns with BB estimated capital return of ~10 cents to ~14 cents per share on Webinar
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Value of IDA Shares:
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Net Settlement returned to Shareholders61.692.3
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Value of $10m cash held for South Australian exploration
55Applying a 50% discount to this
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Token value for existing exploration portfolio
2.88
Carried at $5.8m on Balance Sheet. Requirements of AASB 6 have been met i.e. it is likely conservative.
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Total value to Shareholders (AUD million)
69.4105.3
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Value per share (AUD cents)11.317.1
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