The simple explanation appears to be that the Commsec analyst...

The simple explanation appears to be that the Commsec analyst was doing his calculation of market caps for 10 companies all at once during a boozy lunch. He just multiplied shares on issue by SP to yield $16M, which is it by definition. The cash backing alone constitutes 7.5c per share.

Clearly the market has little expectation of GDY achieving anything in the near term. This view is very well justified by glacial pace of the Takara project on Vanuatu. Even before GDY took over Kuth Energy, Takara was ready for drilling. David McDonald from Kuth had done his work well. Geoff Ward seems to be just killing time by rewriting previous environmental reports and renegotiating done deals. The ASX announcements for the last several quarters appear puerile, as if shareholders are complete idiots.

Did you read the Quarterly of a week ago? At first I thought there must be some pages missing. There were just 5 generalised bullet points that said next to nothing. It is as if the entire company is on sabbatical leave for a year or so. I wonder if they have a second job elsewhere?

Daz, Perhaps Ward thinks that if shareholders were willing to part with $400M then they must be a bit dumb so that he can play along as well.

Juke