What will it take to move share price, page-7

I agree with your last sentence at least.

The Arrowhead report provides the only (somewhat) independent financial modelling of the deal and it suggests that ECT's share (assumed to be 1/3 at that time) of the NPV of the India Project was about A$110M.  Those are the future revenues of the sales of outputs from the integrated R&D plant.  Using a multiple of the momentary MC is a nonsense.

Also you, like some of the veteran trolls, assume that we "gave away" 50% of out technology.  This is plain nonsense.  The huge emphasis in the several review processes we have seen was to establish a well audited valuation of what our technology is worth - in the sense of what have ECT invested in the technology so far.

I think it makes a lot of sense to think that the SPV will have $A15M of capex investment by each of NLCIL and NMDC and a deemed A$30M contribution in IP by ECT - that is what the reviews were intended to provide due diligence for.   

That is, whether right or not, the way I think about it.

It puts the lie to the ridiculous assertions about "giving away" our IP by you and ST and others - we are contributing our IP to the SPV and with good fortune their cash contribution and out IP contribution will leave the combined enterprise with marketable commercial IP that is one or two orders of magnitude more prospective and in which all the partners will share.

GLTAH.