So Eshmun I've looked at the numbers and I see that the combined gold/cash balance of RND and TBR is $225M (and that figure is from Dec). Current combined market cap is $320M. Clearly the share of EKJV is undervalued substantially (maybe by ~$200M).
I guess the question I'm asking myself is why is the business valued the way it is? I read some of the good discussion from yourself and @worzel1 and you're saying that a takeover isn't likely from NST because TBR/RND would want cash not script. So what would it take for them to sell their portion of the EKJV and realise full value for shareholders?
Are they really a mining company or just a holding company for the EKJV and the gold waiting for the prices of each to meet their targets?
What is management's strategy/end game? If they sold their share of the EKJV and kept the gold holding, would TBR invest in another project minor stake? Do they have the capability to develop a project for example (I'm guessing not based on your comments about DRM/TRY).
A bit of stream of consciousness there, I'm just trying to get a feel for the company(ies).
Cheers
June Research Report, page-3
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Last
$4.50 |
Change
-0.330(6.83%) |
Mkt cap ! $230.8M | |||
| Open | High | Low | Value | Volume |
| $4.58 | $4.58 | $4.50 | $6.983K | 1.544K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 11000 | $4.35 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $4.50 | 1 | 1 |
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