Ann: TNG to Seek Dual Listing on London Stock Exchange, page-23

You should look deeper into that transaction rather than face value.

From memory it was about 50/50 script to cash. Given it was only a small project with an NPV of $360m, $170m consideration would appear to be fair value when you look at other recent schemes/takeovers. For example the WES/KDR scheme.

If you can get taken over at about 50% of your pre-tax NPV or 70% of post tax NPV, its a good result.

There was minimum upside on face value as the thing traded at a smaller discount to project value.

What's 50% of $2.8B pre-tax? $1.25 per share - plenty of upside from $0.08.