how much more can it pop?

Well, I think we all need to be carefully about selling following todays annoucment. Clearly the internal takeover folks see a significantly undervalued resource, hence their private bid. This means several things:

1. clearly Valad is grossly undervalued. We knew that anyway from the NTA and sophisticated shareholder buyins over the past few weeks.

2. there must have been a chance the internal takeover group have been deliberately not progressing Valad. It will now have to be.

3. Any first offer would usually be rejected. The historcal pattern of things with other stocks show very rapid share price escallation can occur during that period. We are up 7% today but Valad could not sell Valad Europe to an internal group for less than market value - ie close to or at its NTA - it has already done the bi write downs.

And NTA is twice the current share price. What we don't know is the value of Valad Europe only. But we will know soon.

4. Having disclosed this, Valad will need to reorder its Board and get more commercially focused.

So fantastic news - I am picking we might have a swift 30 - 50% windfall in very short order.

The best of luck to all!