OTCPK:CTNXF - Post by User
Post by
cigarbuttson Mar 28, 2019 3:31pm
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Post# 29550246
DGR Global ASX:DGR
DGR Global ASX:DGRThey have 613.1M shares out. Trading 13-14 cents Aussie.
Market Cap about $86M Aussie.
They hold 204.1M shares SOLG. At .70 cents Can worth about $142M Can.
Can dollar is about 5% premium to the Aussie dollar.
The remaining pile is:
68.5M shares Iron Ridge Resources.
360M shares Austin Mining
111.9M shares Armour Energy
330.6M shares Dark Horse Resource
All listed companiesI thinkon London AIM or ASX.
The remainder pile is worth like $20-30M. Maybe there are even some nice assets in there somewhere.
The latest company presentation is no different than the last one I looked at maybe 6-12 months ago. Neither are the share holdings. They are trading about 1/2 of the mark to market value of the whole pile, but most of the value is SOLG of course.
All the options are .20cents strikes due in a year or two. THe Converts are 50m at .20 cents. Tribeca gets 12% interest. Yikes!! $10M Aussie principle.
DGR Global issued $2M principal amount of this in 9/2018. The rest prior. They have about $1M cash. Nick obviously must think wrongly that all these projects and prospects are great and has not sold a single share of any of them to pay himself and the other G&A at HQ, instead borrowing money at 12% annual with a strike price below current NAV.
I think of it as a closed end commodity prospect generator hedge fund trading at 50% or less of NAV...............And they buyback ZERO shares in the open market.............Make me happy to see him go!!!
The thingI noticed different this time is the Tribeca Fund guy with the $10M converts is now a Director of DRG Global. Looking at the company website with the top 20 shareholders listed right there...............I see no reason they would not vote for the premium deal and be able to keep their holdings consolidated in CGP instead of DRG, excpet for NM and his closest and dearest mates!