After going through the March quarterly, I am surprised at the...

After going through the March quarterly, I am surprised at the general lack of interest on HC regarding RCO.

In brief:
Shares on issue: 52,714,183.
Current SP: 42c
Market cap: $22.3 million
12 month SP range: 36.5c to 57c
Cash at bank: $14 million.

It is not a very liquid stock, with small volumes traded each week. The top three shareholders control 65% of the company & they are:
? Acorn: 14.89%. (www.acorncapital.com.au) Acorn are a boutique investment company that specialise in micro cap companies on the ASX. From what I can find, Acorn also bought into Sundance Energy Australia (SEA) around November last year, SP was under 60c, now at 83c.
? Directors: 19.01%
? Anglo Pacific: 31.11%.(www.anglopacificgroup.com). Anglo are listed in London and have a market cap of $353 million pounds (AUD $540 million). They also have other interests in Australia such as the Kestral coal mine in QLD (Rio Tinto).

So, at the moment, the market is valuing RCO?s assets at just over $8 million (market cap ? cash).

If people are interested, they can research what income RCO has coming in. The Royalty arrangement for Reefton alone (Oceana Gold) should generate approx $6 million in royalties this year............

Then you have Vale SA buying into Gambang (Phillipines) for gold and copper, not to mention royalty payments for other projects involving zinc, lead, silver and nickel.

On top of this, RCO have a dividend yield of just under 10% plus franking credit (100% franked).

Am I missing something here because I think RCO is a great buy.

Would love to here some other peoples thoughts on RCO.