With the Chairman standing down there is one less significant blocker to a sale or divestment to Hanwha or other bidders. The choice of Spencer, the new Chairman, indicates an increased chance of a transaction going through (or a huge coincidence). Accordingly, I'm adjusting the valuation upwards slightly towards my TP of $3.44 which would represent a very full market cap of approximately 10% of the forward order book.

If interest in Austal and merger talks, highly recommend reading today's two articles in the AFR.