vale deal and getting needed $12m part finance, page-16

AC soo many things you are not factoring in

First of all, their initial project will be bigger than ours, as they are not taking the stage approach of stage 1 and then stage 2 that we are.

Secondly at RXM's extreme lows this year, their MC was $51m and highs after finance is 120m
AVB's lows were $55m and highs after finance was around $110m

Thirdly sovereign risk, they are in Australia, no doubt people will find it less risky to put money into Australian projects than Brazilian.

I would think there is not much difference between the two at the moment post finance performance, you just happened to be posting this on the pull back AVB is having after running up 100% post finance. I look at RXM's graph and they also experience numerous pull backs.

I would say, freehold's comparison of the two is warranted, of course you are not going to get an exact correlation between the two, but I'd say it is pretty close.

AC, I'd say just let things play out.

GLTA