Joca, I tend to agree with you, we'll likely get nothing.
But I am not sure whether the 5c valuation represents the value of the mine or the desperation & incompetence of management.
From memory, Averbery was bought for ~$100M and according to jl, this was a "compelling acquisition" or some words like that, implying that he got a good deal after supposedly hundreds of projects assessed through tough due diligence processes.
They also have put over a year of works into it, with all of management impressed with progress announcements after announcements.
So now worth...? $120M? $150M? More? Given the above that would be a bare minimum for the sale of the mine right?
Assuming $120M sale, and owing ~$50M to Hartree, that's $70M left for other SH. Not sure how much of the Hartree loan was through shares? Assuming they have 100M shares, we are left with $70M / 400M shares = 17c per share for regular holders?
Very rough numbers, very optimistic outcome, but there might be some left for us?
MYL Price at posting:
70.0¢ Sentiment: None Disclosure: Held
