Burnett, I agree that $6-7m market cap seems cheap but that to some extent reflects the $26m equity that needs to be raised and the dilution of existing shareholders to 60%. Furthermore, once the Oil and Gas business is sold off, they are even more exposed to risk around Atlas, which many experts are tipping to go out of business based on current iron ore price forecasts.
What basis do you have for claiming the shares are undervalued?
MCS Price at posting:
2.5¢ Sentiment: Hold Disclosure: Held
