Any valuation needs to be based on SDL moving from a junior with...

Any valuation needs to be based on SDL moving from a junior with no or little financial capabilities to an emerging producer of 40 mtpa plus of high grade DSO that now has the shareholders and development consortium in place to actually make it happen.
The consortium that the Board of SDL has stitched together is perfect for these times as China needs both alternative suppliers to Australia and higher quality ore than the crap that comes out of the Pilbara.
Think FMG but with quality 62% plus Fe as the standard product and not the mid to high 50’s Fe crap that FMG sell and you can start to get a feel for where the valuation of the asset base is worth which makes the amount of paper on issue a non event.
SDL is heading for a major re rating once it’s relisted, which is a credit to the current Board. Anyone who wants to bail when it relists should not have a problem, but I wouldn’t be.