Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-52

Surely any rational investor would invest in the stock for that reason - any bid will need to be at a premium to market …. Otherwise no sellers!

There has never been a takeover in history that wasn’t at a premium to market. Below the true value of the underlying asset maybe; but never under the market price of the listed stock.

It’s a long way from 16% to 100%.

I see this as more JV territory with NS earning in at their cost then building and running a mine. They’ll want it big enough first and that will take a combined effort.