Hi all and BS, This is great. It'll bring the debate of real...

Hi all and BS,

This is great. It'll bring the debate of real SHolder value into the open and unsettle some pretty entrenched management. Sell/distribute the lot. Let us be the judge of whether we individually want to support the pups.

So where are we with the cash?
$26.02m (sale of 36.5m OBS at 0.713)
$ 0.68m (cash end Dec Qtr)
($2.07m) (director/other loans)
($0.58m) Est Mar qtr admin and other expenses)
($0.50m) repay convert note
($0.50m) for NVG
($0.50m) for ANW
($1.16m) for Sol gold
$21.39m 'left' end of March Qtr/412.16m shrs = 5.19c/shr cash

So could easily distribute 3c and have $9m left (equal to 50% of current Mkt cap) so that's more than enough.
Hey, if management don't think its a great idea then they can exclude themselves from a premium share buy-back. I think 8c for 50% of everyones holding would get a look-in

From the last annual report, Mather, directors/management and Tenstar (I'm assuming a close ally of Mather) have about 118.1m or 28.6% of the 412.16m. There's probably another 20-30m or so that could be friendly. So Sandon will need to get at least 35% to have a chance of playing hard ball.

What are the other assets worth?
$7.40m (Ironridge: 62.293m @6.25p @1.90 ex rate)
$4.27m (Solgold: 54.5m@[email protected] and $1.16m new investment)
$4.12m (Armour: 75m @ 5.5c)
$1.03m (Aust tin: [email protected] +$0.5m investment)
$0.84m (Navaho: 113.5m @0.3c +$0.5m investment)
$1.00m? (Other unlisted Pinnacle, DGR Zambia, Hartz, Coolgarra)
$18.66m or 4.53c/DGR share.

So, in all...9.6c/DGR share compared to March VWAP of 3.896c.

Hey, I might even be tempted about letting Sandon have my shares at 7.5c and give them 2.1c or $8.65m profit for their troubles.

Kick some A..

Cheers,