Interest and bank fees was only $17m in full year 2022. Total...

Interest and bank fees was only $17m in full year 2022. Total finance costs of $21m include a $4m foreign exchange loss. After the recent capital raise the debt is only $90m. So the interest should reduce to $14m. Half the interest cost is owed to controlling shareholder Kerogen who capitalise the interest. Thus only $8m in interest was actually paid in 2022, according to the statement of cashflows.

AJ Lucas had a net loss of $11m in 2022. If we add back $4m foreign exchange loss, $3m in interest savings from lower debt, $1 million in UK head office expense, and $1m evaluating M&A opportunities, then AJ Lucas is close to breaking even.

Before the war started in Ukraine, the market cap was $36m and the share price was 3 cents. Now AJL has an extra $20 million so the market cap should be about $56m. There are now $1.4 billion shares issued so the share price should be 56/1400 = 4 cents.