Way Oversold, page-41

update..(AUD). AZZ have now spent $13.8m on notes and stock buyback.

Cash circa $16m
BBEP shares $26m

Conv Notes $47.5m (BBEP current Div AUD$5.1m more than takes care of 10% interest now)
but cash and shares don't cancel note debt ($47.5m vs $42m)

Market Cap @ 14.5c = $35m

EV minus $2.5m. Seems AZZ is tracking only BBEP and Cash value.
so the upside remains from the large 23,000 gross Permian position.