Becoming a Matthew Walker Shell, page-41

My numbers on this one:

• Shares on issue: 62,000,000  (options: 0)
• Market Cap @ 4.4c = $2.7 million
• Debts: $466 000 or agreement to transfer key assets in lieu
• Cash in bank: $1.2 million

Will be interesting in April when their agreement to pay KMM or transfer the assets come due. It will confirm the direction of the company if nothing else.

I picked up a few of these at 5.1c because I like a shell with low shares on issue to reduce the risk of consolidation. Its also been pretty stable at these prices and not a huge EV premium and given the recent board changes and placement I see 4c as a good support.

Like all these companies, who knows though. 2015 was certainly a year of RTO's - will have to hope 2016 keeps on with the same theme.