Most businesses I know are valued on revenue forecasts and earnings. Based on plant capacity and a shortage of potash worldwide plus the move to decarbonise the world will be the biggest factors with SO4 valuation not the outstanding loan book. KPMG could do everyone a favour by releasing the forecasts so it becomes an open competitive bid process for SO4. Since SO4 was placed in VA the potential valuation has only been going in one direction. The Board really have to face public scrutiny how they managed SO4 leading up to the VA. KPMG has to explain why the VA has been such a secretive process. The Clean Energy Finance Corporation has to explain why the debt funding couldn't have been extended to get to full production. More questions than answers at this point?
Ann: AGM and Financial Reporting relief, page-17
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