Joe,I understand the Bicarb plant is newer but it can't operate...

Joe,
I understand the Bicarb plant is newer but it can't operate without the Soda Ash Plant as it uses CO2 from that plant for feed. Further the BiCarb plant would not be economic by itself.

When the Soda Ash plant closes the bi carb plant will be a write off.

Solvay process plants have been steadily closing around the world due to the rising price of energy. Of the old ICI Solvay plants Penrice has one of the last operating. It survives because the price of transport of natural ash exceeds the cost disadvantage of the Solvay process.
That cost disadvantage (energy price) is increasing at a much faster rate than shipping costs are rising.

In my view the end is inevitable for Penrice. ICI knew this when they abandoned it. Its just a matter of who is holding the parcel when the music stops.

In my view a 40c share price is an excellent exit opportunity.
Bacci