Fair call on the MO of the bond holders bikemad. I had not thought of it that way, but might explain why the price may have overshot where I am guessing the current objective fair value is at the moment (FWIW around 17-18c).
For my own musing only (and I'm not interested in debating the calculation) I looked at what the last quarters earnings make the shares worth (fully diluted) if extrapolated to an annual income - after interest - at a PE of 10 (many would say that PE is far too low - but for this exercise I was ignoring any future blue sky). I came up with 13.5c. This is during a period of historically high RE prices. Any SP above that has to factor in something that hasn't been proved yet.
Always interesting when fundamentals line up with what you see in the charts.
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Fair call on the MO of the bond holders bikemad. I had not...
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