artificial market, page-31

David,

you say ' That clearly the market is not stupid"

i would disagree with this statement,

there are hundreds of examples of companies clearly trading below there fair value,thats why there is good money to be made when you pick the right ones at the right time.
Look at Telstra 2 years ago and now today, clearly the market was mis pricing them 2 years ago, same story with the banks until recently.
At the moment the coal sector stinks,UNV is getting hit along with the rest of them, but that does not mean we dont have a viable company with real prospects.

Look to the company announcments regarding the coking coal, it is of good quality, it can be sold,

sooner or later if the market does not price these companies properly then industry will, ie there will be some real consolidation in the sector,

either way selling now, unless you need the money and at this price does not make any sense, we are 9 months away from cashflow, we have a good bunch of people, we have experienced senior investors who have recently come on board at now 60% premium to the price,
ther is no way that the sp at the moment is a true reflection of the companies prospects into the future.