Summary
We recently helped lead a reverse inquiry to make an investment in OMEX shares, purchasing enough equity to ensure that Odyssey was funded well past the resolution of its NAFTA Chapter 11 arbitration against Mexico. Our belief was that by filling OMEX’s balance sheet “hole,” our cash injection could erase or substantially reduce OMEX’s funding uncertainty discount, and allow the market to more realistically price the risk-adjusted value of Odyssey’s claim related to the company’s Don Diego phosphate concession. That risk-adjusted value is around $10/share today, prior to any resolution related to Don Diego.