An interesting consideration will be what management/CBA think,...

An interesting consideration will be what management/CBA think, given they all hold stakes large enough to block any offer. And whether this forces the EGT (who previously wanted 10%) into buying their own blocking stake. Either way, regardless of what happens, I suspect a takeover offer, even a script offer from SYR, would highlight just how undervalued KNL is.

As always, the GGG is the key piece (to Epanko). It’s so much more than just a sovereign guarantee from Germany.

I suppose $0.40-$0.45 isn’t much of a return if you’re valuing the company on the NPV’s (US$356m, AUD~$504m), EcoGraf (unvalued) and factor in a premium for our European contracts.