there are 13 million on the bid at .005, none left at .006 and...

there are 13 million on the bid at .005, none left at .006 and between .007 to .01 only 15.25 million to sell.

Net assets of the business are valued at $4 million which includes $1.4 million cash. The Congo refinery produced revenues of $1.9 million and operating costs were $900,000 producing positive cash flow of $1,000,000 for the March quarter. I assume that we may get similar numbers in the June quarter. Net positive cash flow runs around $819,000 per quarter. Assuming these numbers can be duplicated on a regular basis, annualized EBITDA is around $3,276,000 and assumming a PE of 4-6 then the business may be worth around $13,104,000-$19,656,000. In any event a good case can be made for a value of $8,000,000 which was to be used in the aborted float.

At current levels the sp looks very cheap, i suspect that the management has ironed out various issues concerning feedstock and energy supplies as the business is clearly very profitable (at least for one quarter) operating on a toll treatment basis. AAF intends to sell this business because it runs on coke and concentrate on developing its own supply of ore utilizing electric arc furnace on land that AAF already owns. good luck to all longs