new research, page-9

Agree gttrain..

Also Jon, you've just set out cash being raised on

Placement - $2m
SPP - $20m
Chinese - $11.4m + $80m JV..

Total: $113.4m

If that is used to create value (which it should with the pipeline of deals KBL has on the table), I'd say that the valuation is unlikely to stay at 88c..

Also, Don't you take cash away from the equity and debt value to get the value of a company? With $113.4m in cash and a market cap of $50m-$60m, its got a negative value?? May be a good reason for a rally just there..