I would prefer to see some form of NPV which would allow for all...

I would prefer to see some form of NPV which would allow for all those costs you mention Bloodwynch. EV doesn't seem to be quite apples with apples.

Nevertheless it is good to see AGM put something out there equating to a value. It will be interesting to see if ZFX respond to it and challenge the approach.

Regarding the market - it has moved a bit today and there is a solid base in there. This could be nothing more than a platform for traders to take their snips. It's latish in the day for the announcement to have come out so if there is going to be a surge on the back of it we might be more likely to see it Monday after people have had a chance to digest it. If there is none then well your conclusion would probably be right.