You mean late 2011 when it was in the 60c range?Market cap...

You mean late 2011 when it was in the 60c range?

Market cap $443m. with 517m shares issued.

Dilution not that significant given the price drop since then.

So SP of around 40c would see DTE being valued at a similar 2011 level (where SP was 60c).

Accounting principles call for prudence when uncertainty exists, hence the relatively low book value of DTE based on current state of assets (eg 70m taken off from NSW being main movement over last year, which could easily be returned once NSW policy has become rational again).

Still their own conservative book values have dart at $242m, so book value per share of around 22c.

Recent deal makes assets across board look a lot better (due to IP gained and reputation gained from joining with GDF SUEZ, this takes a lot of risk out of planning permission uncertainties IMHO, the amount of help gained in this regard is worth a lot more than the $48m they've paid to get in on the Bowland play).