Lookit,
Cue MC = NZ$132M
NZO share of Cue = NZ$66M.
Cash in the bank free for investment = NZ$50
4% of Kupe...reserves were recently lifted significantly. But let's be conservative and say that our 4% is maybe worth NZ$15M.
Well, $66M + $50M + 15M = $131M. About the same as Cue.
Then you take into account our 15% direct interest in Ironbark...a massive drill that is due to begin in about 3 or 4 weeks. Everyone will have their different assumptions on what that could/should be worth...but whatever that number is it goes on top of the $131M.
Which is why I am adamant that NZO should be valued higher than Cue if Mr Aussie Market is behaving consistently/rationally. Which he does not always do!! :eek2: