slowly heading to 120, page-6

At $1.2 I'd much rather keep the shares. You'd think before the bid came in that we would be approaching the $1 mark on production start. At $1.2 I think there is little premium or upside factored in.

ZFX have timed the bid (for themselves) to perfection. Market is shaky with sub-prime & the US, market has lost a bit of confidence in nickel and we aren't quite yet a producer(although done all the hard work).

While I agree we are not quite JBM, at the same time there isn't miles between us.
If JBM is worth 3bn, then surely we are worth more than a quarter of that. At 8500tpa we would actually produce more than JBM last year.
At $1.50 we are worth 1.2bn.
If you look at any of the JBM multiples and apply a steep discount factor, you find $1.50 is still cheap

$1.50 for me