Having looked at Northington's report there is an inconsistency.
5.2.2 notes that they have included tax in their calculation on a "standalone basis" at 28%, ie the maximum.
6.1 then notes that by selling Kupe, NZOG's sole source of taxable income, the company will lose ability to obtain future tax relief for: costs of decommissioning Tui; ongoing exploration expenditure; and corporate costs.
"Annualised overheads alone represent $2.4m in lost tax benefits" - and no future imputation credits.
One would think these adverse elements should be included in the valuation. Probably makes a significant difference.