The Bell Potter report, as you said, was 7c post an expected...

The Bell Potter report, as you said, was 7c post an expected Capital Raise and 10c pre-capital raise. The CR they expected was for $30mAUD and 1.5bn new shares.

At the time I was concerned that BP had been advised by HHR that they would need a CR. I spoke with BP associates and they confirmed that they had no indication from HHR on a CR. Essentially BP put the raise is as a "pressure release" as they weren't didn't want to put a value of 10c on HHR. So BP's "sharpened pencil" 10c valuation is looking more realistic now. We ain't hitting 10c next week but HHR's value is hopefully swing away from it's current gas in place valuation towards a DCF valuation.

I also think that resolution of the required finance/divestment is the keystone required to move to FID. Still 3 weeks until we all turn off for Xmas.