coal stock trading way below asset backing

Herald Resources HRS
own 30 000 000 Tiaro Coal shares = $13 000 000 approx
own 20 000 000 Tiaro Coal 30c opps = $2 800 000 approx
(these are post escrow)

own 50 000 000 Australian Bauxite shares =$18 000 000approx
have also issued a $3000 000 convertible note to Australian Bauxite redeemable for cash or 8 000 000 Australian Bauxite shares

They have industrial properties worth $2 200 000
They have cash of $4 500 000

They have a 25% royalty interest in the Vasse coal project
A 23% interest in HMPA (who produce bleaching sands)
They also run a slightly profitable Attapulgite business

Current Market Cap approx $25 000 000
Current cash, liquid shares and property $24 000 000
current holdings in escrowed shares $18 000 000

top 20 holders own 80% of stock

This company is flying way under the radar IMO.DYOR.