MOD/MTR in AFR, page-4

AFR is normally pretty close to the mark on these things.

From my perspective, i can't get my head around the valuations, if roughly a third of the joint venture area is worth $25mil, then the the other two thirds must only be worth $50mil, with the company worth $111mil at the moment based on last sale price, i don't see how the areas outside the joint venture are worth $61 mil, when most of the buzz has surrounded the joint venture area.

Either the other areas are worth a lot more than i thought, or the markets valuation of the project is steaming ahead of where the insiders are prepared to trade assets.