EPA update, page-20

220m from titanium a year, we have 254m shares on issue, let’s say that doubles to 500m to get to construction, annually that’s 44c per shareEBITDA


or we could cough all of this over to next door who post merger (at 12-1) will have over 8B shares on issue.

Hawk is right - suddenly the merger isn’t making much sense at all.