After the merger, AAH was expected to have $167mil in cash and 235mil shares on issue, so that's cash value of $0.71
Add to that the $17.7mil recently received, less running costs since the merger, add the $100+mil expected in from the current patents until they expire in 2010... gives a cash value (before discounting and other running costs) of around $1.20.
So it's pretty much trading below cash value right now!
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another 17.7 million, page-6
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