I think at this stage the valuation at flotation is very...

I think at this stage the valuation at flotation is very difficult to judge because not only do we not know what news will come out of the test plant in the next 3 months (hopefully the full process will be up and running) but also what deals might have been signed in Indonesia or elsewhere.

Whats to stop DNi selling a single license to avoid any dilution?

Personally I would hope for $150m+ valuation if the plant is up running using the full process with no apparent problems and at least another one JV agreement. But then again I've been known to be over optimistic before:-)

Regards

wriglet