Mmm, not sure about that analysis Jako, but if you are thinking...

Mmm, not sure about that analysis Jako, but if you are thinking that way then others may be as well.

If the cash is going to be valued at 50% (especially that quantum) of what it is, then:

- someone like IVA would be crazy not to make a bid for what remains and essentially get the tenements for free; or

- IVA are right that EXS should distribute all the cash to get fair value for it; or

- EXS should just make an acquisition immediately.