Below is a spreadsheet showing the value of CSE shares at...

Below is a spreadsheet showing the value of CSE shares at different SYR values.  Since CSE is 100% leveraged to SYR by virtue of the 11m SYR shares held, no other projects on the go and a stated intention to distribute or sell the shares, it is just another way of holding SYR.
SYR at $4.10 values the CSE shares at $0.312.  *Calculations based on the CSE announcement pre 2014 AGM

	Column 1	Column 2	Column 3	Column 4
0	{colgroup}
1	{col=234x@}{/col}{col=113x@}{/col}{col=115x@}{/col}{col=150x@}{/col}
2	{/colgroup}
3	@ SYR share price =	$5.00	$2.50	$4.10
4	SYR Shares held	11,000,005	11,000,005	11,000,005
5	Proceeds of distribution	$55,000,025	$27,500,013	$45,100,021
6	Cost base of SYR shares	$300,000	$300,000	$300,000
7	Carry forward losses of 30/6/14	$5,689,550	$5,689,550	$5,689,550
8	Taxable income	$49,010,475	$21,510,463	$39,110,471
9	Tax payable at 30%	$14,703,143	$6,453,139	$11,733,141
10
11	SYR shares to be sold	2,940,628	2,581,255	2,861,741
12	SYR shares to be distributed	8,059,377	8,418,750	8,138,264
13
14	Value of CSE	0.377	0.197	0.312