Aggressive or friendly, they would be acquiring at a tidy margin...

Aggressive or friendly, they would be acquiring at a tidy margin above current prices, because shareholders simply won't approve. Also, to take a stake large enough to make an aggressive bid wouldn't be possible because of lack of liquidity.

Here are tables I present showing the progression of the company's market cap and its cash stock pile. You can see here the steady rise in the cash balance since listing and its market cap.


The capital raise of $5m back in early 2021 has been accounted in the above table, along with all other share movements etc.

I then show the relationship between these two by charting the EV (i.e. market cap less cash balance). Here you can see a substantial drop in the EV of the company, worse than pre COVID, reflecting that the market is attributing negative value to the actual business operations (which currently generate about $3m of cash profit per year).



The trough back in early 2020 corresponds to a share price of around 0.5c which was then followed by a strong rally in the stock price to a steady hold around 2.5c in early 2021. This I believe ties in with the excitement around the Jewell investment.

In the chart you can see the market has never wanted to attribute more than $15m to the EV of the business and never less than -$2m. So I can convert those to per share amounts using the current 684m shares on issue, which works out to be between -0.3c and +1.8c per share.

I estimate our current liquid assets backing is around 1.7 cents per share, which to me seems like our possible range based on prior trading history could be anywhere between 1.4c and 3.7c per share.

These are just my opinions and the basis for how I worked out whether I should invest in SHE. Please do your own research!