Ann: Investor Presentation, page-30

If someone was planning a takeover. they have left it too late. The costs to get KI back up and running have been largely spent, the KI construction risks significantly diminished (meaning that the NPV for KI comes into play) and there is circa $450m cash left in the bank. They would have to bid a big number from here to get a "fair and reasonable" independent expert assessment and shareholder acceptance.

Rather, I think that we are just seeing smaller funds waking up to the KI story and getting set in the stock before production restarts and the valuation becomes even more apparent. Still plenty of upside in this from here.