Valuation Metrics to consider, page-5

The other thing your numbers highlight for mine is that the 72,000 acres is held in an efficient listed structure. ie: The pre existing 55,000 acres has been transferred into Calima at the low prices they were originally bought at. So ALL parties (RBS Morgans maybe the exception) only benefit if the share price rallies above 5.4 cents (and preferrably above 9 cents to trigger Steins performance rights etc). On top of this no asset spotting fees or bloated salaries are being paid , CE1 is all about the share price, don't see that everyday.