day of pain, page-19

Hi All,

I have been watching this talk of the share price falling to 80 cents, and while technically RMS has the momentum to drop that low, The per share cash backing will be increasing as a result of this offer

- Current cash backing is 28cents
- Excluding the retail offer the cash per share after will be 36 cents
- If the full 15m retail component is taken up then cash per share will be 38 cents

That means that a company with 2 producing mines has an enterprise value of around $150m / $160m

At eighty cents surely this is 'not expensive'; I am almost hoping it gets there and stays there for a while

A lot will depend on what management do with the cash... I am sure the board realise how tempting they are making themselves for some form of corporate action... massive cash hoard and unhappy shareholders

I expect the share price to fall in the short term until shareholders have some certainty... Or some shareholders group togethor and get rid of the board