FAR, page-45

Whiskey, I done same back of napkin calc about 6 mths ago on SNE and was almost identical (only difference being at point 5 I allowed a small range for earnings of between 2.5c and 2.8c so then with PE of 10 I figured SNE value at production was worth between 25c to 28c / share. For once I'm 100% in agreement with you (usually about 80%   ) … will have to drink to that hiccup!

DB, I find myself disagreeing with you in that you think it'll increase the share price if they sell down SAMO (assuming success of course) so as to avoid debt on SNE. Don't forget if they sell down this will trigger capital gains tax so they'll lose 30% (I think I seen that mentioned as the rate) to the taxman. Agree would be nice not to have to borrow but I think the short term pain of finance would be worth more gain in the long run (unless they get Erins 20% then would tend to agree it probably wouldn't be manageable).

Sorry couldn't reply to your posts for some reason reply button doesn't work for me.