guys,without sounding like a wet blanket - what sort of value...

guys,

without sounding like a wet blanket - what sort of value are you expecting holding at this stage of the game with a market cap of around $21mil and CAPEX req'mt of circa $425 mill (ie 20 times current market cap)?

am i missing something? obviously if the whole lot comes from a cap raising, and everything falls into place with the slurry pipeline construction you would see (im guessing here) somewhere around 2.4 billion shares on issue ($425 million @ 20c + current outstanding shares). now if again if the stars line up and you sell 3MTPA, you would have a EBIT of somewhere around $150 million, or 6c a share. using a simple PE of 8 you are looking at a share price around 50c.

obviously this would be a different kettle of fish if somehow a chunk of that CAPEX was dealt with by way of a debt raising, im interested to hear what your exit game is. at what point are you planning to cash in (or is it a bottom drawer job now?) how likely do you think someone will be willing to lend some of that CAPEX? (might not be so hard if the majority is raised thru a cap raising i guess)

cheers.

PS. yes im a MAK holder, and no, i'm not here to start trouble. just looking for intelligent discussion that would benefit holders of both companies as, im sure you would agree, at the end of the day we are investing primarily as a result of the potential for phosphate.