My personal feeling is that since the announcement of issues and...

My personal feeling is that since the announcement of issues and failed formation of Newco, BKY has been sold down to just the value of what is in the bank and land value of its other projects. However since now they is word of talks etc, the value of Newco and Enusa agreement should start flowing back into the sp. I would say now we should hit a target 70c before any announcements of whether Newco gets formed. If Newco is formed albiet with probably better terms for Enusa, the price will jump to pre-crisis issue highs of around 1.5 to 1.9. The only problem I see is that with the cash burn at some stage this year or early next year BKY needs to raise some more cash.

I say Enusa will be asking for a committment of 100million from BKY.