Chaser: "It seems JJ touched a sensitive area by saying that GR and VZ need the mining data."

I don't think it is sensitive. I think it is irrelevant. What is sensitive is claiming this is a fact and anyone reading that could expect more money. Everyone would be pleased with more money but creating yet another false hope is not in anyone's interests. I'm sure some will have had high hopes for Gowling and to have those dashed just reopens old wounds.

As you know, Tenor has the option of converting their (88%) share of NAP into equity. If it is to their advantage they are likely to do that (and if losses can be used to reduce taxes I'm sure they will do that - which will also benefit shareholders). I've guessed at $150m to cover taxes, it would be great if it is less. I've guessed at $0 for other assets and hopefully that is wrong but I don't see it as substantial. Regardless of what other assets the company has, Tenor will get 88%, the MIP 3% and shareholders 9%, so it needs to be a big number to make much difference to shareholders.

Talking about coincidences, Justice Hainey came from Gowling.