Market cap should be compared to net equity (assets - liabilities), from the last report they had $592.5 million less debt of $193.2 million leaving net equity of $291.3 million and they since have added about $40M giving a position now of $331.3 Million.
This compares to a capitalisation of ~$65 M (932,228,000 shares at 7c). Sounds like a good deal to me and to state the obvious, if they think the company will fold why are the holding on to shares they have got.
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