Thanks NJM, I don't see that as unreasonable given where we are today. When we have more certainty around financing, upgrade to a real listing and have a proven positive CF to lean on, the discount factor could be revised and the SH value of the operations would increase significantly, even though the actual operations would be the same :)
I think it is important to consider all the hurdles on the way from financing production inputs to selling prawns to SH return in your wallet.
BTW, the Argentina rate was typically used in projects over 2-5yrs. Since there are many factors that could have scewed this rate, it is not to be used as an absolute truth of course. But, the suggested coupon on the SIAF bonds would suggest that 15%, or even 20% is not enough for SIAF at the moment.
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