Looking at this as a bolt on as described in the AFR.
Book NTA = $300m
Carry over tax losses 1.9b @ 30% = $570m tax credits
Current cash generation of $40m without factoring the cost improvements that a suitor will bring......
If it is a take over and they low ball it (<4c), expect multiple offers to come forward.
Ann: Trading Halt, page-79
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