RedMaxIt doesn't quite read as intended.What I meant to say was...

RedMax

It doesn't quite read as intended.

What I meant to say was that I hoped for the multiple increase in value achievable by EKA to be 2 or 3 times the multiple increase in AUT: i.e. if 3x was thought possible at AUT's price when posted, then EKA might achieve 6 - 9 x multiple on its price then.

So I'm hoping for a ratio not much different from yours: 1xAUT = 3xEKA although my spreadsheet calculations suggest that even 1xAUT = 2xEKA could be possible depending on the quality of Brioche.

If PdA proved to be worth 75% of Sugarloaf on an acre by acre basis and Brioche 65% of Sugarloaf on that basis, NAV/share for EKA calculates out at 55% of that of AUT.

If PdA is worth 50% on that basis and Brioche is worth 40%, the EKA NAV/share calculates at 41% of AUT's.

Even if PdA is worth only 30% and Brioche 20%, the EKA NAV/share still calculates at 29% of AUT's. That suggests that, barring any major dilution, a ratio of 1xAUT = 4xEKA is likely to be bettered (always assuming that EKA's stated view on the productivity of Brioche is not hopelessly optimistic).