Ann: Update on Woodford Investigation, page-12

Even without in-specie Pexa distribution, the value of 43% Pexa will still be there.

I will also add LNK cashflow earrings this FY23 of at least $100m. So there is a lot of money around.
If there is a settlement with FCA, Dye and Durham will not be able to afford LNK. Just look at how they bid. They bid for the whole LNK, not individual businesses of LNK. That’s how D&D get its discount.
A takeover of Pexa would require around $20 per Pexa share to get 100% of Pexa. That would be close to $2.80 per LNK share.