Ann: AGM Chairmans Address and Presentation, page-2

Anyone on HC following this? Interesting speculative Agricultural and Agri-Finance play.  

If the Namoi Cotton restructure unlocks the value  of assets in that company, that will potentially yield ARC nearly $9 million (difference between what they paid for their NAM units and what their NTA/unit). All of that would cream for a company with an EV of only $2-3 million + an ASFL licence with plans to grow various business.

Current market cap is close to $5 million. There are lots of long dated options though, excersisable at 50c.  Even fully diluted, at 60c (the options would be into the money by then) the company would still have:

• $10 million market cap
• $ 4 million in cash
• $ 3 million in assets
• $10 million of losses carried forwards
• + any gains from the NAM units (likely between $5-7 million)
• + exposure to any other benefits (who knows)

Have been trying to get my hands on some options, even though there are 8 million on the market - they are rare as hens teeth!