Kip, I just skim read the report. Hartleys do say they heavily discounted the valuation based on where RLE sits right now. What I did'nt see in my rushed read is what the discount was that has been applied. ie at 50 % risk factor, delivery as suggested in the report would have a value of 32cps. But for all I know they may have used 20%. I'll re read when I get time.
Hartleys Research, page-3
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