WAL is looking good and CLR has really given us a boost of...

WAL is looking good and CLR has really given us a boost of late.

Current price of WAL is 31.5 cents.

59,348,958 ordinary shares on list.

Market cap = 18.7 million

Cash at bank = 4.273 million
CLR Holdings = 16,141,550 ordinary shares

CLR closed at 1.185 today which valued the holdings at just over 19.1 million.

Cash at bank + CLR holdings = 23.37 million

Currently we are trading at a discount to cash + CLR holdings. No value is currently being placed on our recently acquired coking coal properties. See below.

"WAVENET ACQUIRES MORE COKING COAL PROPERTIES
Acquisitions Wavenet International Limited (Wavenet) is pleased to announce that a Heads of Agreement (HOA) with Intocable Pty Ltd has been signed for two granted Coal Exploration Permits comprising EPC 1897 near Yeppoon and EPC 1958 near Blackwater in the Queensland coalfields. Also another HOA with Intocable Pty Ltd has been signed for two Exploration Permit Applications near Gayndah.

This significantly increases Wavenets coal portfolio and adds to the 100% owned Dysart Coking Coal Project adjacent to the BHP Billiton Mitsubishi Alliance (BMA) Saraji open cut coal mine in the northern Bowen Basin."

IMO she is a good spec play and looks cheap atm. Will be interesting to see if CLR can keep running. I entered WAL today based off the market cap discount when compared to (CLR+cash backing), exposure to CLR and also based off managements decision to pursue the coking coal market.