Ann: EMH Simplified Extraction Process, page-39

If EMH goes to production and retains it's 49% then you will see 10 aud per share and dividends. No-one can guarantee that we will. Most probably we will see a buyout. Most probably CEZ will want to go alone. The question is at which point of the progress the buyout will happen. After the DFS? Best guess is around 3-4 aud. Later on? Maybe 5 aud. It's all a guess and not an analysis based on actual numbers because no-one could tell you with certainty. It is though an educated guess based on reality and not wishful thinking. There are a lot of factors that could come into play. You may see the EIA dragging and not being approved, EMH being offered a law ball offer and accept it, then CEZ going alone and receive the EIA.