Yes, trading under cash backing. But like tilley said, there's the capital gains tax to be considered, company liabilities (last time I checked it was around $16m), some questions about management (mis)communication, especially from the HC posters (even though I myself felt that's being a bit harsh), and also the uncertainty surrounding the Petrohawk deal - how much exactly do we have when the wells have been paid back?
IMO those are some of the issues holding this one down.
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