npv, page-105

You have atually agreed with almost everything I have said other than point 3.

Re point 3 - I put my reasoning as simply as this.

Today NKP is 40-odd cents. With no JV partner signed up. If, tomorrow, X signed up with financing agreed, NKP would have a seriously higher SP becasue the single largest risk for NKP at the moment is getting committment from X.

I put it to back to you, tell me why NKP is not trading at $3.55, or according to your numbers $3.55 plus 25%?