last chance under $1?, page-34

I think the point he is making is A$200m is cheap.
The current market cap is a good buy if it's paid back in 5 years, is an ongoing highly profitable project and allows the buyer to gain tighter control of the market with a low cost project with long term good grades.
Takeover potential has been mentioned by multiple analysts, so it's not ramping. And in any case, I hope there is NOT a takeover. Although a 30-40% premium is nothing to sneeze at, a JV (if SP is below $1.50) or raise would realise far greater gains for shareholders.