What doesn't make sense to me is the buyers hanging around the...

What doesn't make sense to me is the buyers hanging around the 48.5 to 50c mark. If they are investors looking to hold longer than a few weeks then why not increase their bids to 57c to pickup the stock and then they receive the 10c distribution anyway (outcome would essentially be cost of 47c after distribution paid). At least that is how I see it!

Anyway first post did not allow for the 1250 ounces to be delivered this quarter as part of the Reefton quarterly payment.

$14.2m Cash & Bullion (April 28th)
+
$16.5m (royalty valued September 2009)
+
$1.75m (1250 ounces @ AUD$1400)
-
$5.27m (distribution
=
$27.18m Net assets / 53 million shares = 51c per share

Still a bargain with no value given for many of their future prospects and IMO a very conservatively valued royalty!