Not my NPV - Heron's (page 20 of the announcement). And the cost to build (including cost of this raising) is not $180m its $239m (page 11). There is no cash left over that would fund a takeover. And its not "unaccounted for" its on page 11.
So what you are saying is you don't believe Heron's figures. So why the buy recommendation?
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Ann: HRR Equity Raising Presentation, page-11
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