I'm not sure about the 88 cent valuation being discussed for...

I'm not sure about the 88 cent valuation being discussed for Newco from the valuation of $5.07 comes from McDermitt $4.19, Clayton North $.37 Cash $0.18 Listed Holdings $0.08 and finally Unlisted Minority Assets $0.25.

The valuation of $5.07 discusses the assets going into Newco but does not place a value on those assets.

I have read the ANN a few time and it is very straight forward what it doesn't say is whats happening to Clayton North, cash, and the listed and unlisted assets. From that I think its safe to assume that they will remain in JRL, but only guessing as I was 100% wrong when I stated that the Newco would end up with US assets this morning.

So maybe I've been looking at this the wrong way, maybe the Australian assets going to Newco are looking so good they deserve the additional cost of a demerger, additional running cost etc. This wouldn't happen unless there was real potential in the assets and LD seem very impressed with the work being done by Karen Wellman in the last interview on proactive investor.

If today's ANN was about selling off the McDermitt you wouldn't include Clayton North or the other assets listed above in the company structure. So I believe its more about unlocking the value in the Australian assets than anything else.

I think JRL will still be valued as it is and Newco will list for 20 cent and there will probably be an IPO at 20 cents to raise cash for those projects.

Might need some new ideas on my dart board as I'm going around in circles