I have being out of this for a while now. I have been in and out since YML days. Bought some at 60c in the depths of the GFC when the market cap was less than the cash on hand (was around $100mil cash roughly), so a no brainer!
I just noticed the current SP and was appalled! So got me thinking about where they are at now.
From the June quarterly I see they had total cash on hand of $53mil with estimated cash outflows for the September quarter of $20mil which would leave them with around $33 million. That is some serious cash burn! It does not leave much in the tank before a cap raising is needed.
The cash backing per share is then roughly 13.6c per share. A far cry from their position during the GFC, as far as cash is concerned. So not a simple investment decision to be made here.
Any thoughts?
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