Count me in, current market cap approx $565m, net cash circa $300m (and going up 4m a week) pike stake $150m.
so market values Kupe, Tui future cashflows and the exploration rights at about $115m. You'd have to say that couldn't really go much lower than say $1.35, at which point the cash and pike stake would be getting very close to the market cap! And people think the market is efficient...
If someone could take over the company for say $2. I'd say they would unlock value in the order of half a billion dollars.