MGX has 61.5 million in franking credits. (Page 18 of the half year report)
Maybe they should think about doing an off market share buy back. Those credits are worth 5.5 cents a share.
Assuming they get a decent insurance payout and the IO prices stay above $50 these guys don't need so much cash lying around. They can unlock so much value through risk free capital management.
Furthermore if prices do stay above $50 then KI will be spitting out heaps of cash. I seem to recall they could do a revised plan for 15 million tonnes at a cost well below $40 which means it would be worth around $150 million plus. (very basic assumptions used here)
Either way this stock is still way unvalued based on existing cash. Add in the franking credits, current ore prices and KI and it should be 40 cents plus.
GLTA/IMHO
Off market share buy back
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Last
31.5¢ |
Change
0.010(3.28%) |
Mkt cap ! $365.5M | |||
| Open | High | Low | Value | Volume |
| 30.5¢ | 31.5¢ | 30.0¢ | $296.8K | 964.6K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 101000 | 31.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 31.5¢ | 242807 | 6 |
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| MGX (ASX) Chart |
