Yeah , it's a good genuine report, thankfully free from hype . Their valuation of 83 cps is probably very conservative as they acknowledge, because they are showing a low figure for the Marampa IPO as well as under-stating the possible sale proceeds from Leichard and putting very little value on Cape Lambert South and our phosphate holdings.
My maths gives me a figure of just over $ 1.10 on a good day .
At this sort of price, I agree with previous posters that a take-over around 80 cents offer could be the catalyst for some real SP action .
I remain a long-term holder as I have faith in Tony and his team .
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Charles Armstrong, CEO & Managing Director
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