mak / lcy , page-5

Z, it's straightforward to begin with. If NMDC complete the deal then you can add whatever they pay for 50% of Wonarah to your market cap as asset value and then take back off again as debt used to pay for it. In due course you'll hope, as with MAK, that the market gives some enterprise value for wonarah's potential but in the near term it shouldn't make much difference. The result of a concluded agreement should be more beneficial for MAK shareholders if the terms of the discussions follow through as it is clearer to figure the future benefit for MAK shareholders.