It has to go up to at least 23.5c just to represent the value of...

It has to go up to at least 23.5c just to represent the value of cash in the bank.

I'm wondering if this makes us very susceptible to a TO. The first 23.5c of the bid would be offset by the cash ($130m), I suppose it depends what one values Barrambie and our tech at. Top 20 hold <40% of the stock. A bid of 38c and it would probably be successful at this point, which would value our tech at say $10m and Barrambie at $70m.

Good value for someone in the sector to spend a lot of cash and expertise to pick up a world class raw asset, some great tech, a nifty bit of extra offtake from Mount Marion and has a lot of cash and expertise to throw at both. Oh wait.....