Most people know that I am the first in line to criticize management when the Shi*: hits the ceiling fan but I actually think that if there is a group who is willing to fund one last dance with the bride of Godzilla that why not wait and see what happens. It doesn't mean I plan to add to my insignificant holding (was alot more at one stage).
And there is still value in Taronga and Pembroke/Mt Cobalt either by mining or selling the assets off.
I actually think breaking up the assets may actually unlock some value. Surely we could extrapolate that if 40% of Granville is worth 1.5m then the total value is 1.5/ 40 x100 = 3.75 m plus whatever they raise at IPO . And one would think if sold individually you might get 2M for Taronga and 1M for Pembroke/Mt Cobalt.
So this would give you 6.75M compared to a current market cap of 5.1M.
Food for thought.
Christopher
Most people know that I am the first in line to criticize...
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