My calcs show that Arc has over 25 cents a share cash, another 11 or 12 cents in ADI, an unknown amount of franking credits (waiting on a reply from the company on that), and then their oil assets.
How much are the oil assets worth?
Make a guess as I doubt that there is good answer other than that I think 80 cents is quite low....
A takeover 'artist' could sh*tcan the current company managers and BOD and ramp up post tax earnings by at least A$3.6 million, maybe even more like A$4 million which would pay a whole bunch of interest - almost on a $100 million loan just there...
Depreciation and depletion would pump in a bunch more cash flow as well....
The comany has a lazy balance sheet which would support a bunch of debt as well....
Again too bad that I don't have A$300 to A$400 laying around!!
two for the price of one, page-4
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