Hi ellimb … I just took a dig through the last annual report from Spartan looking for NRW references, and yes to just a tad under 57m shares size-of-holding-wise, so the close at 47c today brought the value of our holding there back to something around $26.7m.
But there was a time when NRW was owed $34.8m according to the SPR annual report.
And it seems to have written off that debt in exchange for just $2m cash and $2m via 20 million placement shares back in April when the 10c raise was undertaken ….. So it’s more than $30m down in ‘cash owing’ ?
… Plus it has had to deal with all the other losses and costs - demobilisation, employee down time, equipment sitting idle in its’ yards and all the brain power that was put in to help GCY stay afloat etc.
Most around here know I don’t wrangle numbers particularly well ..but still it seems to me that Jules would like the Spartan holding to become worth at least $45m…
Except I think 65c a share there would still be ‘only’ around $37m ….. and then we would have to pay tax if the shares are sold.
Let’s cross fingers and focus on Spartan flying up to $1 asap ?
And if anybody with a proper grasp on this (@KKLL ?) is able to give a clearer picture including about that huge write fown, I’d really appreciate it!
cheers
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