i will call her at 1.40, page-227

If it does trade at its NTA then its a bargain right now...
Im not so upset at being asked to tip more money in for a bargain, as long as the train isn't being steered by incompetents.

Tell you what though, if I take up the full rights issue, which I probably will, Ill be rather fully committed to this one.

Doing the rough sp math.. my current avg is about $1.40... Ill be tipping in say 0.70 for $2.10 / 2 = $1.05 / share. Reading the rules, I am allowed to subscribe for more than my allotment so I could really buy cheap cheap... I wonder what the ceiling would be...

I cant seem to understand what the rights issue is for non-owners. The entry price is $1.25 for the current share + 0.60-0.75 for the rights issued share? Is that correct? That would make a base share price of 0.93c - $1.00.
Now, if I were not a shareholder today, but wanted to invest, what would I do? Buy 100 shares @ 1.25, and then oversubscribe to the rights issue?

I might study the rules a little closer.... isnt clear to me at first blush.

What seems to be clear (heh.. the irony) though is, Im still looking at a margin of safety of 50% - if NTA of $2.06 is correct and Im in @ $1.05. Im just annoyed at how I arrived here - too many surprises in what is supposed to be a solid foundation stock.


Lastly, Michael O'Brien is by all accounts very capable - long termer there - I never knew too much about Nic Lyons... but I had always heard good things about Michael.