Can someone help me out with COY please! I’m confused. Stock trading a bit discount to NPV. They get an offer for $13 million, reject it, now stock price is actually below where it opened yesterday at 4 cents. Market cap floating around the 6-6.5 million mark.
Having a quick look, they keep having to raise cash for day to day operations so that’s not ideal and perhaps administration costs are a bit high, but someone is getting this horribly wrong. Either the market is drastically undervaluing the company or the board has got it spectacularly wrong not accepting the offer.
Am I missing something????
COY Price at posting:
3.9¢ Sentiment: None Disclosure: Not Held
