You seem to be focusing on haggan here however the company is focused on tiris first then haggan.with a capex of $45mil and a MC $20mil you can do the ratio
once Tiris is operating then fund haggan. At this time with tiris going the share price will reflect profits from tiris and be much higher then you could calculate your ratio from there (for haggan)
the assets as others have stated are not reflected in the share price as there is more work to be done and when it is the share price will reflect that
Ann: Change in substantial holding, page-36
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