It appears that we are stuck at this level for a while,the market being teased by minor traders.....unlikely to move until the directors and others make it clear of their option position (conversion )at a average of 27.5.....also the outcome of a refinance and how costly and for how long.
Whats obviously more important is the way forward by complete or partial sale of the company or its assets....this is becoming more attractive to long term buyers as US gas markets appear to have bottomed.
It was not long ago that investors were happy to buy at $1.0plus when gas price was $7-8/unit and predicting a sale value of $1.50-2.00us or more. Looking at gas prices 1-2 years out it is close to this level and the impetus of the US to become more reliant on gas and for gas to be priced more relative to the oil price,suggests there is a current gap that the market will no doubt correct in time.
In the meantime MAE does represent value at current prices.
MAE Price at posting:
30.5¢ Sentiment: Buy Disclosure: Held
