Good analysis
SHE also outlaid a little over $400k in the March quarter if I remember correctly. it seems this is the initial 370,000CAD for the KP5 well.
So liquid assets would be the cash at bank + BRK shares + loans receivable.
with another 450-500k to invest in Proton sometime this month, we'll see a loan receivable balance of close to $900k at the end of this quarter.
This boosts the market discount to cash + liquid assets closer to 20%.
to 30 June I am estimating
$10.5m cash
$900k loan receivable
$1m cash profit for the quarter, but less a further $500k loan issue
$600k brk shares
total - $12.5m cash and liquid assets at 30 June.
market cap is a 20% discount
just my estimates and opinions.
0.5c per share dividend, page-124
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