Moving forward 2020, page-39

given the EBIT is around 6c, why would anyone accept a takeover at 6c, when a short construction period, they will be earning the same ?

so if every year for the next 30-50 years, there is a climbing EBIT, as the industry demand picks up, and value add products from JHT, etc. As will NW gets development in parallel.

Why would 1 x EBIT ever get considered acceptable ? Especially with a short construction period.
Those who think low ball, are those who have been demoralized by the smashing the sp has taken, and will just want to run with a box of tissues.

Those who reject the first round, and prepared to go mining, and receive dividends for 30-50 years of 6-12c EBIT, would make those who strategically need our supply, paid a larger multiple of EBIT for an early take over.