Corporate, Peter Strachan would surely have talked in some depth...

Corporate,

Peter Strachan would surely have talked in some depth with mgmt, prior to writing his report. He had them on Dec 3rd at $17M net cash.

Additionally, we have been discussing TDO on the XSO thread and John43 confirmed that he called the coy a couple of weeks ago and basically corroborated my calcs.

I'm certain that at 4.5c it would be trading at a negative EV but I guess you could always make a call to TDO. Either way, it's all a bit academic, as we know what the cash is to be spent on and what the potential price drivers are, along with their timing.

Cheers