Aw Kev, don't run away; go and find examples of companies...

Aw Kev, don't run away; go and find examples of companies listing/trading at/above their NPV value. There must be at least one.

With respect to Kogi Iron being unique, I am sorry to have to tell you that is not a good thing. Investors like to be able to compare apples to apples, oranges to oranges. That way they can identify companies which are comparatively "cheap" relative to their peers. If Kogi iron is, as you suggest, unique, it will have no peers. No peers will make it hard to attract the big money required to fund the Agbaja development - assuming it is economically attractive to do so (which, in my opinion, it is not).

The legal action launched by Leadenhall Australia is interesting. I believe Mr Lebbon is a very capable individual with lots of corporate experience, as well as being a savvy and successful investor. It is hard to imagine someone like that launching a frivolous law suit. What particularly interests me is what discovery may reveal. For example, for how long has the board known the future market value of Kogi Iron - based on the EBITDA projected to be generated by the Agbaja project - would be less than the project's capex? (In reality, the company should have been reviewing the relationship between NPV, EBITDA and EV since the idea for a steel mill was first considered. To not do so beggars belief in my opinion.)