However for a true EV I believe it is sensible to include the RAD holding as well and treat it as if it is cash as on any balance sheet it would be considered a liquid asset that can be turned into cash pretty quickly.
In other words both the cash and RAD shares are elemental value divorced from the potash project.
If RAD creeps a bit higher I would be all for including the RAD options in the EV calculation as well.
Hence why your calculations show a higher EV than mine.
I am not looking for a debate on whether or not RAD should be included in the EV calculations - simply to say at $18mn including RAD or $25mn excluding RAD TRH is still a complete bargain for those whose horizon is longer than tomorrow's market close.
Let's hope the Greeks play ball in their austerity package parliament vote tomorrow that will help give everything a lift.
There is a lot of cash sitting on the fence atm looking for a safe(r) harbour - TRH ticks all the boxes imo and as a result should run ahead of the market on a strong green day.
Be happy
EB
TRH Price at posting:
54.0¢ Sentiment: ST Buy Disclosure: Held
