Best case is $1.1 Billion as per the preso, 249.5m shares on issue, that is NPV of $4.40 / share, you could add some of the 45m in cash back on top of that $4.40 to get the value of 1 share a little closer to $5!! That is 2.88 GBP plus that spare change on top of that taking it to over 3 GBP / share.
and again, institution increased their holding, page-6
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