It is not about the amount, but it is about that management is aligned with APAC, and not with other shareholders. Yep, that is a conflict of interests. And the market has always and still does discount it. As long as they don't prove that they make use of the cash pile/cash flow in the best interest of all shareholders that will persist. Also imho take note that governance with the ASX is probably the poorest of any western stock market. Again, you might disagree, but that is why a discount persists. Which can be overcome by their actions. Or not.
Of course you will notice in the Q1 numbers that there was a delay in production. Great having stock piles of ore, but if you have to evacuate the plant you don't run them though the plant right? It is not lost production though, it is deferred into the future. Anyway I did not comment on Alphamin, although Alphamin mangement with MLX would be killer
And lastly, no sorry for you MLX is my second largest position in the portfolio behind little know Anglo Eastern Plantations. Which has its own governance and shareholder policy issues, but is valued at an even lower ridiciously p/e, ev/fcf. But that does not mean you can't be cleareyed about arguments. Why is it always when one puts nuance in arguments, this is always pulled into extremes over here?
MLX Price at posting:
71.5¢ Sentiment: Buy Disclosure: Held
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