sale of beatrice biodiesel, page-26

Navygulf please reveal your secret source of good news. Having held this share for over a year, i have a bitter taste in my mouth. An NTA of $0.40 is ridiculous.

Here's why...

Shares on issue: 209 M (as per annual report), however the members of this forum have used 220M, lets use that number just to be conservative.

As per the latest annual report, and using our conservative 220M shares on issue.

NTA = (tangible assets - liabilities) / shares on issue
= 68192000 - 27746000) / 220 million
= $ 0.1838 per share.

Now lets put forward a realistic scenario. The rest of the company, other than the US operations, is worthless. Lets say as shareholders we're lucky and get the full US$42.5 M and liquidate immediatlely. This leaves US$0.1932 or AUD$0.2212 per share. Clearly worth more than the current share price, and i agree that the sale alleviates the significant and sustained threats faced via the US biodiesel industry.

But how exactly did you derive $0.40 a share???


I'm sitting with a 78% loss on this one, lets hope it does turn into 0.40 a share.