Yes I agree, no investor is going to buy in to an ipo that will pay out most of the capital to Cape Lambert for the Marampa Asset. As I said before CFE would be doing very well to get $150M to $250M for Marampa along with a 25% stake in the new company. The rest of the cash raised would be used for development of the mine, could be an extra $200M say. A good question for all of those that think that the float will be a huge success - Would you put your own hard earned cash into the Marampa float? Or are you happy to rip off some new shareholders who pay an overinflated price for Marampa? The value that CFE will realise for Marampa will be set by the market and in the current environment all asset prices are depressed. So as a shareholder in CFE I would be happy with a dollars to CFE value for Marampa of between 150M and 250M, obviously happier at the upper end of estimate!
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