RE: Look What Happened It certainly does look like sloppy selling.
Current market cap is $75 million, which is equal to cash on hand plus what they just spent to buy Mengapur. Therefore the market is ascribing no value to Selinsing which should earn in exces of $70 million this year. Mr. Market is a moron at times. Crazy cheap.
My proposed roadmap for management:
1. Pay small fee ($5 million or less) to terminate private placement.
2. Do not extend warrants. No sense selling shares at
.50 when book value is
.71.
3. In September initiate a Dutch tender for up to 60 million shares at up to
.75 per share. If successful we would have $80 million of annual net income divided by 120 million shares o/s =
.67 per share.
4. Continue developing Mengapur and extending reserves at Selinsing.