ATP - General Discussion, page-273

Yeah obviously pearl price softening is what the market didn’t like. But the softening was from all-time high prices. I think fair value if the pearl price stays around $60-$70 is a SP of 20c. That’s if we keep harvesting and selling around 500k pearls per year.

Not sure we have enough cash on hand to do a buy-back. Would prefer to keep the cash on the balance sheet to ensure there is no chance of having to raise capital or borrow money ever again. That $16m cash should see us make ~$1.5m in interest alone each year. Happy to hear other thoughts about this though.