on a comeback trail, page-13

If we assume it is a positive announcement and not a capital raising then we should look at the offer price from ding to take a guess at what the offer price (should there be one) may be.

Ding offered $250m for 70% of the company. Since that time, there has been a ~50% resource upgrade, ~65% increase in iron ore price and confirmation that silica levels are not too high (this is obviously pretty important).

So, is it not fair to say that any new offer would need to be ~50% higher? So an implied enterprise value of $375m. There is no debt and very little cash, so that's an equity value of $375m for 75% or $546m for 100%

With 281m shares on issue, that's $1.96 per share...

I obviously don't expect that and am likely missing something. Can anyone point out an error in the logic/maths? Clearly this ignores the infrastructure investments required as outlined above but the logic is simple...