Ann: Update - Consolidation/Split - FMS, page-17

If you refer to the many post where I estimated the return from the royalty option way back when, you’ll remember the likely return based on IO prices back the was 2-2.5c. Our directors indication that the production option was much better. So even a 2c return on the old share issues could now be 25 times higher, 50c p.a. (based on the IO price at the time). Now my calculations and assessment may be wrong but barring a major global downturn in IO price I would expect the SP to be multiples of the dividend. Could be much higher if the production option taken.

I’d like to think your 35c SP is highly unlikely.

Happy to hear comments and calculations or corrections from others.