Ann: Annual Report 2018, page-269

Umm,,,,, the simple reason no one is chatting about @Ya numbers ....is..... they look average at best.....imo
$140m book value...… plus 15% of USD3b = USD450m (there is that figure again DB)...... x.72 = AUD625m at FID...… plus $140m = AUD765m.... all good so far.... except.... the AUD625 need still be raised...… at current SP this could dilute by 6b shares....imo (allowing for 50% JV finance)…… thus,,,, say,,, half is equity raised.....$312m.... say.... at 5cps...… would add a further ….. 6.24b shares.... double the current register,,,,,, imo

Therefore the maths is AUD765m/12b shares = 6.3c per share.... now,,, 'add on' Ya's 'few cents' premium..... we get..... not 15c,,,,,, not 20c,,,,,,not 36c,,,,, not $1,,,, not $7.28...… but perhaps.....8~9cps......

That of course is assuming $312m can be raised..... a very big assumption …. without security..... the only way is equity.....imo
GL
Careful
DYOR