holding, page-8

penong

I hate to skite as i believe your analysis was a lot more thorough than mine in many ways, but the oz today is quoting a couple of brokers who value SOL at $20 and $23 a share so you must have missed something!

i did identify a fair amount of that with the brickworks issue as i dont believe you valued any of its existing businesses ( besided the sol holding ) and they could be presumably be owned by sol after some sort of merger or scheme ( theoretical )- the other big amount is just what is new hope worth, as if it brought a substantial premium it would push up the valuation to higher than you have worked out

i have also commented that i thought bkw may have been more undervalued than sol and the oz article seems to hint at that, though i am sure there would be many different ways of valueing and they are all theoretical; as we dont know which way the boards will jump, if any, in terms of unlocking hidden value!!