Ann: Significant Reduction in Overheads & Costs Management, page-126

What decline in assets? the cash ? that's not being valued as everyone knows its going to be spent.

Decline in that if this permit fails, then they all fail... thats been a know risk since the first proposal of VDT. So i don't see that as a multiplier to the downside, atleast from this point.

You may be right, but to your final point, at current prices the downside is already here.... i think the 17m mc is probably propped up by only the stale holdings in the top 20 and a few rando punters like me. Esstentially, the company is worth $0 without the first approval.... but thats been the case for years. Maybe 2.5 million in the listing as a reverse listing opportunity.

Upside, well lets just wander into dream land for a second and assume permits actually drop. the upside would be interesting and worth discussing. couple of options
1 - Assuming that alot of folks have already dumped then the rerate would be upon us. Probably slowed a little some straglers jump off into volume to claw back some cash.... maybe see it back at 25-30M MC in the first day. Puts us back at the "repriced" CR 5.5-6c. Gradual rise from there assuming that its 6 weeks for the final report and people think this is worth gambling again. maybe a short walk upto 50M MC in the following weeks until final report, which should then see normal ebs and flows of trading on news return with an optimisitc recovery to 100M Mc with offtakes approved. But clearing whats left of the CR overhangs is going to be ugly and slow.

2 - she just pops back into the 20c range locking alot of folk out who sold and trades based on news flow.

Sounds dreamy, but remembering the SOI is still low despite two CRs and i don't imagine their is much in the way of retail left on the register.

Worth ending the day on some sort of hope i guess.