Ann: Gubong Project - Bluebird Merchant Ventures RNS Released, page-29

UK investor and became aware of SAU as a result of the tie up with BMV. My interest is as follows...BMV is valued about GBP5.5m so around AUD9.5m. They've announced an additional asset but that was basically what the UK market was assigning as fair value of 50% of Gubong

Which, if a reasonable assessment, makes SAU cheap as that effectively values SAUs non-Gubong assets at about AUD3m

Any comments in this apparent price disparity would be appreciated. In Adelaide on business in a few weeks so may go see them as it sounds, on the face of it, undervalued