Allowing for the A$500 million approximate debt of OMH, probably...

Allowing for the A$500 million approximate debt of OMH, probably to date as OMH must still be paying down this debt, it would lead to a different analysis of the price relationship between WEC and OMH.

With JMS valuation at 2 billion shares at A$1.50 it is indeed A$6 billion for Tshipi. The iron ore assets and other income generation is not that significant at present.

On JMS valuation at 60c, with no debt and fully diluted = A$1.2 billion.

OMH with 770 million shares, with A$500m debt and a further 5% in options and warrants, creates a different picture. A valuation at A$1.25 = A$962.5 million.

So a valuation of JMS at 60c and A$1.2 billion means taking off the A$500m debts which makes it A$700m and allowing for OMH dilution is A$665m. That is purely comparing OMH with JMS.

We know that JMS is mainly a Manganese asset and OMH has Manganese and other Ferro interests. It is a matter of opinion as to whether JMS should IPO well above its A$0.44 buyback price due to be paid on 19th March.