Well I knew the sale of Red Earth would be a panic sale but I...

Well I knew the sale of Red Earth would be a panic sale but I never thought it would be this bad as compared to the same deal Xstate did a few months back.

For $A3 m they settled on the Nido owed and the back production from Red Earth which comes to$A 2.25 m so they then added 30% of Red Earth and got $A750 k from that. These aren’t my numbers but published by the company.

So by comparison, Xst sold their 25% int in Red Earth for $A 4.17 m which values Red Earth at $A16.7 m where AOK sold their 30% for $A 751k valuing Red Earth at $A 2.5 m.

shocking, result. Simply shocking