Ann: Change in substantial holding from MIN, page-86

Im not sure, for a company with their fingers in many pies Hancock may see strategic value rather than pure project economics. (i.e. pay overs fir the gas because it will save them money in other areas, or they achievewider project economics by feeding it into a larger LNG liquefaction plant)

NWE has one project, no capital for development, no interests in downstream mining, chemicals or LNG exports. As an NWE holder your valuation should be based on the economics of the project, not a strategic play like Hancock or MIN.