Ann: PAC Partners Broker Research, page-4

Paid research is always a little suspect but it is interesting that they mention the Jun time table - the company would not let that out into the open domain if they wern't confident that there would be something to tell us in July. Valuation is a little higher than I expected @ 28c but putting a PT of 14c is very realistic and a good remind of the embedded value sitting here if someone wants to fund the project. If not then it's mothballs till the development capital arrives - either way the owners (us) sit on an asset that is worth at least 10-20c and it's just an issue of when that is realised and what we miss out on in the meantime. SoulP could put up the funds and they may have a gate open now to do it - if they did it via equity they would have had to breach the takeover provisions so this is possibly a nice little sidewards way to get them to pay $25m for 50% (they have shown a clear willingness to do this in the past with other investments including cross ownership) and another $25m in capital. Effectively they end up owning 65%.

Sould be somewhere between 8-12c sometime after June - till then I assume a little tax loss selling.