More prudent buying by Phillip Amery. At the end of September the company had 6.904 million in cash, 8 million in convertible notes and 37.897m shares in Byron.
With Byron trading at 1 cents this equates to assets of approximately 21,346,490.
Metgasco has 398,464,823 shares on issue -equating to an asset backing of 5.357 cents per share when Byron is trading at 17c.
Every 1 cent move in Byron equates to a movement in value of $378,970 in our asset backing or 0.095 cents per share. Essentially each 1 cent move equates to a tenth of a cent move in our value.
Essentially we are trading below asset value, with a Cooper farm in flagged, and no value attributed to Biouvac peak, the BYE options, or the ability to convert the convertible note at a 10% discount to vwap. Crazy.
MEL Price at posting:
5.0¢ Sentiment: Hold Disclosure: Held
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