Yep, valuation of this thing IS ridiculous. Little question on that front but I guess the other side is some think it could fall over so that nasty risk deters. I can't see it failing myself - low cost producer and no debt is a big safety margin...
A low ball takeover however is a real risk in my view. I think management are walking a dangerous path being so conservative because it plays right in the hands of a predator.
The good news for minorities is:
1/ I can't see any good reason for a capital raising
2/ There is little chance of them getting to compulsory acquisition - I myself probably know 10%+ of the register that want to see a big return from this
So maybe you end up with an illiquid but cash flow generating investment in the event of a low ball offer. There are a couple examples of this that did well historically (Normandy Mt Leyshon for example).
Personally I still think at current gold prices this is worth 30c+ per share and even more at higher gold prices.
Time will tell............
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36.5¢ |
Change
0.005(1.39%) |
Mkt cap ! $2.482B |
Open | High | Low | Value | Volume |
36.0¢ | 37.5¢ | 36.0¢ | $8.768M | 23.83M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
12 | 1439618 | 36.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
37.0¢ | 357787 | 9 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 130536 | 0.435 |
2 | 3036 | 0.385 |
3 | 28000 | 0.380 |
5 | 41000 | 0.370 |
1 | 2 | 0.365 |
Price($) | Vol. | No. |
---|---|---|
0.325 | 73893 | 2 |
0.335 | 6125 | 1 |
0.340 | 102110 | 2 |
0.345 | 1365 | 2 |
0.355 | 344076 | 3 |
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