Ann: Acquisition of The Van Diemen's Land Company, page-10

Yup, when you can stick $250m in a term deposit and get a better return than VDL, then there's a problem. Has anyone seen the details of the "independent valuation" of $250m? What is it made up of? I'm assuming the major asset is the land itself ... ?

To get anywhere near a reasonable P/E, ONC need to multiply profits by about 4 to 5 times and I think that's difficult for an already established business.

If, as you suggest, that it opens at "30, 40 or 50c", I think it would be one of the most overvalued stocks on the market.