Ann: Additional Information on the Purchase of BBM Permanent Port, page-90

In any case, the SP is not really pricing in the incredibly high current Coking Coal prices.

All calculations have been based on a much more conservative long-term Coking Coal price.

If Cokal is fortunate to get anything much more, that would be a bonus.

By any measure, the current SP is much lower than it should be, due to manipulators accumulating.

In my opinion, having watched the SP swings closely, much of the Sell side under 20.5c (and perhaps higher) is really fake - trying to keep the SP down, so they can accumulate.

Of course - DYOR