is ian tchacos a good chairman in your opinion, page-18

I do not necessarily agree here.
Yes VIL and XST have a market cap around 8-9 Mil aus dollars.
And yes they have 10% of SD.
ADX has $30 mil cap and 40% of SD. And further you would have to evaluate what value you attach to the remaining assets of the companies. You cannot compare apples to apples here.

I think VIL, XST and ADX are fair value between the 3 based on SD.

I have ADX shares as I believe the up side post SD is greater.
But I am also aware XST has 77 million shares on issue and they seem to be tracking ADX on other JV,s.
ADX leeds, XST follows.
It would not take much to take XST out.

SD is the key. If it is commercial, then the cash flow generated re-rates all companies involved.
In this case, I would then rather have 40% of the action than 10% given the cap differences.
My thoughts only.