RE: do something Unless "something" is going to happen this stock is looking like a value trap. When the stock is selling for roughly 25% less than cash on hand, and that is largely attributed to the fact that the company is supporting the share price by using that cash to keep a bid under the stock, that doesn't inspire confidence in the company. Where do you think the share price would really be if the company wasn't keeping an underlying bid in the share price?
Take a ride on the way back time machine: October 27th 2006 the pre-feasibiltiy study for the Martison project is announed focusing on (1) Phase 1 to consist of resource estimates and pit planning with the focus on phosphoric acid tests and the quality of the gypsum produced from the phosphoric acid tests and (2) Phase 2 comprised of engineering studies.
https://www.phoscan.ca/documents/news/27_10_06.pdf
Move forward in time to December 8th 2008 and the special meeting of shareholders: "We have seen unprecedented change in financial markets and the fertilizer industry in the last several months, commented Stephen Case, President and CEO. "However, PhosCan is well positioned with over $70 million of uncommited cash and therefore we view this as an opportunity to review a broad range of options that have the potential to enhance shareholder value."
https://www.phoscan.ca/documents/news/2008-12-8.pdf
Last one, March 26, 2009 the company announced that it has signed an agreement with IAMGOLD Corp. for the evaluation of the potential to recover and sell niobium contained on the Martison Property:
https://www.phoscan.ca/documents/news/03-26-09.pdf
4 years later and where is the shareholder value? I don't know if the problem is with management or not, but considering the lack of progress this company has actually made since 2006 it seems like that would be a good place to start if this company is ever going to amount to more than what exists today.
I'm not a shareholder, have been looking at this company as a possible speculative investment, convince me that I am wrong by not pulling the trigger at $0.27 per share.