$20m cash is 12c proceeds per share. They said it that way in the announcement cause it's not actually 12c cash backing trading at 8c
they owe $7.5m on a convertible. so it's about 7-8c cash backing trading at 8c
still a great position to be in, but question is what do they do now ?
mkt doesn't pay much for cash on the bank, and don't think they'd be much premium in spending more on Botswana coal...
"now well placed with a strong balance sheet to take advantage of new opportunities, some of which are already under review"
now that's more like it
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