Panning pic on Twitter, page-77

I see your assumed point, but you have to consider the share structure of the JV and not the ascribed SP/valuation at this stage.

If they each attribute one share each as part of the JV structure (or many times more) which they can do, it means it’s worth on paper 40c. If they make each share $1m, we’ll then two million capitalisation and so on. It’s unlisted but requires a share structure to be described and agreed.

Its not a valuation argument per se, it’s the capital structure component of the JV deal and what sits behind it as an independent valuation (on paper and for the bean counters) and to establish a capital structure basis.

Dont compare the Pirra component of valuation directly to the prevailing SP of CAI, it’s not relevant at this point.

This is neither negative nor positive, just an explanation.