Come on, people! Reviewing the annual report reveals these...

Come on, people! Reviewing the annual report reveals these gems:
1. Book value is over 50c per share;
2. Including the $US24M increase in receivables due to RECORD sales in June of $US32M they delivered equivalent to net cash of ~$US78M in one year! At current exchange rates that's ~$120M Australian.
3. These results fully support the current share price from Kwale only
4. There's also the Toliara project, that's worth another $1 per share!
5. After they pay off the Toliara debt, the Toliara cash flows go for another 30 years, and have a present value of more that $2 per share.

I'd say it's not often you get the chance to buy shares in a company at a 90% discount to the value of their future cash flows but it's not really true - anyone could have done this with Base for the last 18 months! Do yourself a favour!