I 100% agree there, A$1.75 values VLA @ ~A$500m, from the FY17 AR (p38), VLA is carrying ~A$85m in 'accumulated loses', and I suspect, if you add to that the 'cumulative operational-ongoings' to that figure, it's probably not going to be too far from the offer price (if not more, guessing it will have cost far more than A$400m), so, as I see it, aa ~A$500m offer somewhat indirectly devalues all of the diligence, time, effort, expertise and capital invested into getting VLA to where we are today...
Not sure where one could (without a fair bit of digging) establish those 'cumulative operational-ongoings' for VLA since inception, I don't think it gets 'rolled up' anywhere like tax-losses are 'carried forward' in reporting....
In summary, I don't necessarily think 'picking up' VLA at circa 'what it costs' to get it here (ask the scientists specifically) is reasonable...
Guess it's a waiting game for now...
ML
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