We are ridiculously undervalued at this point. Byron is screaming along, with no signs of slowing. Absolutely sensational results for them today. As it stands, we have:
Cash and corporate bonds - 8.9m
Byron Investment - 17.05m (37,897,000 x .45)
Convertible note - 6.0m
Options - 1.35m (B-S)/.5m (intrinsic)
Cooper Basin blocks x 3 - ???
Bivouac Peak - 5.1m (per OEL independent report valuing Biv peak East at 23m for a 45% interest)
All in all we have a value of $37.95-38.8m without any value ascribed to the Cooper blocks; equating to between 9.5 and 9.7 cents per share.
Just looking at the top three items gives approximately $32m value, or 8.0 cents per share.
If you assume conversion of the Byron options at the current price the value is approximately $34m or 8.5 cps.
Can't wait for this meeting to be held and for things to be gotten on with. Ridiculous valuation as it stands.
MEL Price at posting:
6.2¢ Sentiment: Hold Disclosure: Held
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