There is a lot more to thinking LNC is overvalued that've key...

There is a lot more to thinking LNC is overvalued that've key manipulation, which is illegal.
They have committed themselves to huge capital expenditure programs, firstly by massively over leveraging with high yield debt. Those taps ran dry last quarter and yet they still face huge cash calls on their myriad of projects which go from real development value to outright speculation / science experiments. They therefore face a very large capital raising which they have has to relocate to SGX to carry out and which they announced to the market before securing the capital. Even IF they can secure the equity they are still years away from meaningful cashflow generation to a) pay back the half a billion of debt and b) potentially provide a return to shareholders (I say potentially because a lot of the capital is being invested in highly speculative investments including Arckaringa, UCG all over the world and drilling in Alaska). If they can't raise the required capital (which they couldn't do in Australia) their enterprise value could be negative as they won't get back more than they owe their lenders for the assets. That makes the case for it being overvalued totally legitimate, not market manipulation at all.