The NTA updated, is now 32c. The share buyback has done its job...

The NTA updated, is now 32c. The share buyback has done its job in lifting the NTA. I am not sure the buyback will continue as AMU has $15m cash left and the old Eden deal required AMU to have >$14m cash. I believe that AMU has been, in doing the buy back and keeping >$14m, assisting Eden financially, as AMU said they'd do.

AMU just updated reserves yesterday- a statement I'd been waiting for. Gresley (or anyone) what do you think of this update/upgrade? I thought it was pretty good. I had expected a downgrade due to depletion. This upgrade means AMU is more of a takeover target, in my view.

So, given Eden was unable to afford AMU in the past, but now AMU has 22% less shares, the market cap of AMU is lower, and of course, the share price has fallen. In the papers on the buyback, it was mooted that the share price would rise on this buy back. It hasn't, but not has the BB done any harm. As to concentration of shareholders, the Top 20 only own about 49%. Deutsche Bank, interestingly, bought 8.25% or 19.5m shares, and unusually for them, bought them long.

Someone wants $140,000 @ 19c:

http://cb.iguana2.com/netwealth2/depth/amu

After yesterday's upgrade, AMU becomes a far more interesting proposition. This company just wants to be floggoed off, though, in my opinion, and everything - specific amount of cash and buy back- has been for that purpose. With a market cap of $47, it is not expensive, or so says the AFR. It has been one of the cheapest, and if one removes cash, it is being valued on $30m assets, although it's profitable. The assets, says the company, are worth $80m (that's 32c NTA).

A good prosepct, in my view, but if it isn't bought out, then it could continue to do what you folks have said- make no ANN's, and keep dropping.