RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:AAB what is wrong with this company?
One thing I wanted to add was my assessment of AAB's current value. I believe they're already worth close to $1/share.
Management indicated a public enterprise of $40 million for their stake in ATP as of July, which was a figure that was maintained from January, in an extremely depressed market, without the hiring of Brett Richards as CEO. Now, let's say they have around 5 million LIX shares @ $2.20/share, that gives you $11 million. Based on current LIX value, if you allot $40 million to CV assets, market is valuing PLASA at appx. $100 million. AAB will get another $5.5 million in LIX shares for 30% of PLASA, and retain 20% for their themselves. Assume $20 million is that value, combined with the $5.5 in LIX shares they'll get, that's $25 million, we'll use round numbers. Company paid their debt to RM with the shares they gave to them, leaving them with virtually zero debt. If you say their cash and other investments are around $6 million, then current value of AAB is $82 million. Divided into appx. 89 million shares gives you a present value of around $0.92/share. That is my opinion on their intrinsic value today. That does not take into account the potential of another NCIB like the one they had this year.
Now if Black Iron, Fura, Kombat, Sulliden, i.e. any of their other investments take off or they make any other great deals, this could be increased very quickly. Company is in excellent shape, and it's astonishing to me that the stock is virtually unchanged this year despite elimating 6.5 million shares, and bringing SE from $0.26/share from January 31, 2016 to $0.42/share as of July 31, 2016. It must be frustrating for management, but the market sentiment is what it is, I suppose.