anyone watching this, page-12

Well... conservative valuations done by knowledgeable UK Private Investors suggest £2.50 ($5) a share based on Cook producing less than management suggest, at prices lower than currently being paid for coking coal, and with costs higher than currently known for Cook.

Therefore tweaking those figures in a less conservative fashion gives a SP of higher than that.

And that doesn't include Minyango.

We've seen how Polo likes to invest heavily in companies that have the potential for multiple 100s percent growth. With Caledon they are currently around 100% up. At £2.50 they would be more like 200% up.

That, then, is my minimum target price but would expect an awful lot more upside given Minyango proving up.