Not much comment on Hartley's latest on...

Not much comment on Hartley's latest on AMU.

http://www.amadeusenergy.com/media/76209/100225_hartleys.pdf

They see a remarkable turnaround in the second half with year end profit of 5million. Wonder if they'll manage to destroy that with some FX, hedging , debt or other.
Final paragraphis very interesting. Doubt David Wall is guessing here. He would of been speaking to AMU. But reads like current management are intent on seeing it through to the bitter end regrdless. "disconnect" the word of the moment.LOL

Underlying Put Option for Sale of Companys Assets
The Board of Amadeus has reviewed several options for reducing the gap
between the industry and market valuations of the Companys assets. We
believe that a possible course of action over the next 18 months could be the
institution of a dividend, once debt has been reduced to a low enough level
(estimated US$30m, possible by December 2010) and if this fails to rectify the
disconnect, then a trade sale of the assets with a capital return to
shareholders is probable. Given historic and current transaction metrics for
these types of assets, we view the possible sale price in 18 months at
between US$115m and US$210m (net of debt), or 42cps to 75cps, depending
on market conditions.
We rate Amadeus Energy as a BUY with a 12-month price target of 53cps.