Ann: Change in substantial holding from ARA, page-25

They are good numbers Kingston 67.

On that basis with the current copper price around $au 8000 we should be looking at close to 20cents a share fully diluted.
SBM's book value when they soared above $3.50 was 28cents.
The same institutions that drive the price down to a fraction of book value when they were forced to sell when the price and market cap falls and the stock is removed from the S&P indices will drive it up to a multiple of book vale when they are forced to buy.
The real value for us is not that underlying book value that will drive a takeover.
It's that intrinsic institutionally driven value that could be way above the underlying value if we get a rising price curve and are re-admitted to the S&P indices.