mak is moving , page-40

Hi Boris ,I have been around since before MAK hit the big time .Missed the main run ,but have been in and out a couple of times .
@ $100m for 2 of the largest deposits of phosphate in the world plus other decent assets is simply too cheap .

The grades are good ,the capital costs are do-able ,and the phosphate market is turning .

Managements plans have been delayed by the fact that the phosphate price lagged the recovery of other commodities .
I dont hold this against them .The share price also got hammered when the government dumped the idea of a resource tax on them .
I dont hold that against them either ,but it made it impossible for management to get away a raising without giving away 90% of their hard won asset.

The logical thing to do was wait until things turned .

Things are turning now ,and at this price the underlying assets are grossly underpriced and ripe for a takeover unless they can tie up a deal .

I also think criticism of management has been overblown when you look at many of the circumstances that were beyond there control .Not saying they are perfect mind you .

I just think MAK is well underpriced for their world class assets .
Buy straw hats in winter they say ,I reckon its almost spring :)