Ann: Asset Valuation Leaves Significant Headroom on Debt Covenant, page-10

Tomboy - Atlas only have 3 mines operating - Wodgina, Abydos and Mt Webber
And currently they have over $300mil in debt, which I can't see where you factor into your valuation calculations?
I like the progress that has been made by management to keep the company operating and I think they have definitely broken a paradigm with their method for restructuring their business model.
But I think your glasses are a little too rose tinted. I don't know exactly what price the SP will go for (I gather that will be set based on the demand when the offer goes out).... but I can't see Atlas re-listing at more than 50% (max) higher than that SP price.