Ann: FY20 full year results and outlook release and presentation, page-30

Yeah something has to give, either the sp needs to rerate or a t/o is going to happen. Sxy has a market cap of $400 mill, they just spent $400 mill on development. And are going to have free cash flow of $70-90 mill in the not to distant future. So offer 40c a share, 50% premium, roughly $600 mill and your investment will pay for itself in a few years and you get a heap or reserves to boot. Any way that is very basic figures, but you get the idea : ) you can see why fair value for brokers is about 40% above where the sp currently sits.