patersons new report - 10.8c valuation, page-9

Agree this stock is well undervalued. I have been monitoring for a while but have not purchased yet. Obviously missed out on options in the capital raising but at this price it seems like a good time to enter.

As for the cash backing, I think they had close to $15 million in cash after the capital raising, so assuming they get $23 million from the Cape sale, that leaves $38 million. Divide that by the shares on issue (933 million) we have 4.1 cents (rounded). Or am I missing something here?