Interesting: the bulk of the board gone in one fell swoop...

Interesting: the bulk of the board gone in one fell swoop (including a director appointed only about two months ago). You don't see that happen very often.

I somehow doubt if its a case of business-as-usual at the helm of this little company ...

....whose Market Cap is now 125% cash-backed (102% cash-backed even if all lease liabilities are included), which is trading at a 12% discount to NTA) and which made EBIT of FY51m in the 12-months to June 2023.

It's Net Cash position increased by $40m over the past 12 months ($50m improvement including a $10m loan receivable that was settled post the 30 June balance date).

Hard to find a more undervalued company on the ASX.

However, as the saying in finance goes, if something sounds to good to be true, then it probably is.

And in DRA's case there's the not-so-small matter of a few hundred million dollars of claims that are the subject of legal wrangling, so there's that to consider, and how whatever DRA might need to pay in order to settle those claims would fund those payments.

So buyer beware!

But when those legals are finalised, and if the damage isn't too punishing, well ...

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