Hey benerick, I think the most likely reason they cannot provide good news, is they have none.
I sold quite a few shares at $0.17 a while back, to simply reduce my overall position in CAS. They have really disappointed me. I think that having the Copolus group has become a bit of a negative, as they probably feel like they can just keep spending knowing he will support it etc.
Anyway, very jaded now. But as you say, $22 million MC is low for the assets CAS has, but with their net debt position likely now negative again. Its a bit of the dog chasing its own tail.
Sigh.
CAS Price at posting:
14.5¢ Sentiment: Hold Disclosure: Held