"During the year ending 30 June 2015, 97,420.242 ounces of gold...

"During the year ending 30 June 2015, 97,420.242 ounces of gold and 21,027.503 ounces of silver were credited to the Rand and Tribune Group Bullion Account. Tribune’s share of the gold bullion was 73,065.185 ounces compared to 59,930.545 ounces the previous year."
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Revenue $87,847,778

Cash and receivables ~$10 million

"Gold on hand at 30 June 2015 has a net realisable value of $244,037,874 (2014: $169,489,965) measured at spot rate. Gold in transit had a net realisable value of $1,105,244 (2014: $2,327,412) measured at spot rate. Spot rate for the year was $1,529.22 (2014: $1,393.11)."

Spot rate now $1,618. You do the sums and then add any gold added since June 30.

Shares on issue 50,105,987

Market cap at $4.21 = ~$211 million.

Putting all conspiracy theories and privatisation theories aside for a moment the numbers always look compelling.

Eshmun
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