$7m mc, $5m cash, $20m jv, 49% ni, new board, page-70

Correct Mak book value is basically asset value plus cash

With the JV and it's portfolio of projects I'd give it a fair book value of $20 million or about 18c/share

Selling over the last week has been classic T3 selling, plus a bit of profit taking, plus a few stops getting hit.

To me all 3 of those selling motivations have now been exhausted and today/this week the SP could surprise on the upside, with or without trenching results.