The big risk I see to the SP is any (ANY) moderately bad news will see this thing punished severely, and even taking off my cynical hat and putting on my rational one, with so much going on there is bound to be a failed raising, bad drill result, death of a partner on the board by vehicle, etc.
So there's plenty of downside in this respect. I struggle to accept that anything near NTA will be reached, but I'm happy to concede the SP, in absence of any bad news, will track the NTA at the same discount it is now.
Perspective, page-15
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