Hi BlueSky, i would start with looking at stage 1 as a base, so...

Hi BlueSky, i would start with looking at stage 1 as a base, so 5MT x ?$?$ to give us an amount that we could then use as a guide for a Mkt cap. One would think the big boys would be looking at what they would have once stage 2 is running but would of course want to pay below the stage 1 Mkt cap price. It's a question that we all think about but is effectively out of our control until it's time to vote. I personally think 40c is very cheap but as to me putting a figure on it well i would call it a guestimate at best.
I am a long term holder and IMO believe it's just a matter of time until we get taken out as Teir 1's don't come around every day.
To the newer holders, one would presume you have done your homework and that's why you are here but if your not sure then DYOR.