...chance to add up to $4mm back into capital. One wonders (a) why this took three years (it makes you wonder why CIX and AU couldn't act like grown ups without dragging this through three years of court battles), and (b) whether CIX will also win interest and costs (should take it above $4mm when they are added back in).
CIX share price 0.25 cps; give market cap of only around $60mm. Methinks CIX may find it difficult to refinance that debt they have coming due in July (they may have to dilute further, perhaps, to reduce the amount outstanding?).
A case of "watch this space" (or should I say "watch this wallpaper dry") for CIX. Mid-year results would want to be a heck of a lot better than the yearly results.
Even at 25 cents - whilst I think it is a good buy in terms of undervaluation of net assets - I am not 100 percent convinced the storm has passed for CIX yet.
Regards Kit
CIX Price at posting:
25.5¢ Sentiment: None Disclosure: Not Held
