Aussietom, I've done some reading on this outfit ( Aurora Funds), they were , or still are, involved in a tussle with WAM for control of Molopo which is considered by media reports to be a "cashbox". Again, and maybe I am drawing too long a bow here, it makes me think there is game-plan going on with USR to ultimately monetize the NTA assets and return as cash to shareholders. With Aurora lifting its stake, the shareholder register has now further concentrated into the hands of a few substantial shareholders.
The very recent sudden departure of the Chairman is intriguing to say the least, ( and follows another very recent director resignation). Cant help but think some corporate activity is afoot, maybe there has been a difference of opinion within the Board, triggering these resignations. Whatever, definitely something is up. But what ?. I am trying to connect the dots. Since it trades below the NTA, I still think the most logical outcome is to sell the assets, fold the company up and distribute the cash to shareholders. That massive return of capital of 15 c ( on a 45 cent share price at the time !!!) is a huge clue and fits with my theory. As best as I can make out, the remaining assets are Patriot Pointe, valued at 25 million USD, on which the company has a loan of about 13 million USD I believe, also there is the 23 Cleveland houses which they are attempting to sell (probably net 1 - 1.5 million USD ) and as stated by USR these are unencumbered of any debt, and also there is some cash in the bank I think it was around 1.3 million USD in last financial report, something like that anyway, can't be bothered looking it up so going on memory. Following the 15c capital return I'm still of the view the NTA is now 42 cents ( Australian) at the current AUD/USD exchange rate
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