The higher price Tony can get for AZS's 60% would translate to a higher valuation for Creasy's 40% too.
Remember Creasy's standalone 40% project ownership is free carried to FID so its more valuable than just 40% of AZS's share.
So say if Tony gets $5 for AZS's 60%, then Creasy's 40% would be at least worth $3.33 + the 40% of the capital value of exploration and study costs up to FID
Ann: Trading Halt, page-358
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