cash value, page-6

  1. 9,322 Posts.
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    If you're wondering about the cash position, you should read AED's FY2008 Financial Summary, asx release 29-08-08

    Cash at 30-06-08 was $348mil
    "After" that they have/will pay out...

    :$31 mil dividend
    :$50.6 tax on profit for sale to Sinopec
    :$45.8mil settlement of Hedges
    :$41mil AED share to drill Puffin 11 and 12

    Balance $180mil

    Conv note USD85mil / FX 0.65 = AUD130mil

    Net cash = $50mil

    Allowing for their 40% share of current Puffin revenue they have roughly $60mil net cash after paying for all of the above.

    $60mil market cap is 40cps so it could fall a lot further before its trading below Net cash backing.

    On the other hand, Sinopec paid $600mil for 60% of Puffin/talbot which infers a value of $400mil for AED's 40%share, so $400mil + $60mil net cash equals $460mil market cap or $3.00 per share.
    Plenty of upside if you think Sinopec know what they're doing.

 
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