Firstly I must apologise to all long term holders as I am sure you are already well aware of the following information.
ARD is a great little stock which I originally came across looking for other ASX silver juniors in which I could include into my silver portfolio.
When I initially ran it through my own silver explorer valuation model I was shocked at how undervalued it was... that is... until I accounted for the options on issue.
48.23 million Call options (from a 2008 capital raising) with a strike price of 20c expiring 30th June 2011.
That is to say... roughly 7 million more options than there are shares currently on the register.
At this price I still see the price as undervalued (especially if said options are not exercised) however I honestly believe that the upside is limited, at least for another year.
Best of luck to all holders,
Mack
ARD Price at posting:
16.5¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)