the company is just a shell but it did a placement on 12 Feb 2016 at 2 cents per share despite not really needing the cash
it is selling an oil asset for AUS$1M+
if the sale is completed by 30/6/16, i estimate AVD will have 2.85 cents per share or $4.6M in cash
current market cap at 2.5 cents is $4M
so for a shell, it will be well-cashed up plus it is trading below cash backing
good luck
i hope my calculations below are correct:
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