Ann: Broker Research Report , page-5

I believe this premium is the difference between actual value vs what the buyer would pay at the time. So in this case it's actually the discount to NAV; could also consider it a time value of money/risk based discount.

If we have a SP of 10c near end of 2013, and NAV of 20c at that time for example, and the buyer offers 15c per share, most SH would probably be happy to sell.

This is a likely scenario once all permits are in hand, and all finance arrangements are locked in. I'm thinking end 2013 or early 2014.

There will certainly be suitors, of that I have no doubt.