nice letter from bruce and alex

Had a really NICE letter from Brucey and Alex today. Hooray!

"Our goal is to bring the share price up towards the net tangible asset backing".

So what on earth IS the Net Tangible Asset Value???

I not do for a second believe it is anything like $15,500,000

Gross assets LESS Debt = net assets, presumably
Thus Debt = $2,500,000 presumably.

So let me try....

The Bigrlyi uranium 5% holding. This can be valued from EME current share price etc, plus a premium for a 5% stake, less a severe discount as the buyers of the 5% are limited to one. Uranium say $6,000,000 Not for any reason.

The Gold projects in the Philippines. Valued arbitrarily at $0. If someone offers to buy these SXX interests for cash, then I will happily revalue this figure to that offer price. Until then it is $0.

Fiji Real Estate. I will try a figure of $4,500,000. Money I can get tomorrow cash at firesale/garage-sale. Unless someone gives me other different info, that is where it is.

Miscellaneous shareholdings in companies with ever diminishing SP's courtesy of their directors (you know who you are).... and sale of antique office furniture. Say $250,000

Net Assets that can be easily and readily realised ;

$6m + $0m + $4.5m + $0.25m - $2.5m = $8.25m
(I rely on the law of cumulative errors here)

thus 8.25/15.5 x 7.5c = 4.0 cents per share.

Now perhaps we may be getting closer to the TRUTH.

The current SP is not massively discounted "of some 82%" at all. That is merely to transparently and cunningly use Boris' likely massive over-valuation against him.

It is 1.4 cents Market Price versus 4.0 cents asset backing. Poet's NPV. (Net Poet Valuation)

So both Boris and B&A are mis-represrenting and twisting the facts. Both are equally guilty, and B&A do not offer any alternative figure I note.

........ Anyway I am a really nice guy and I hate conflict. At least this letter is gentlemanly and does not sling mud. That was done quite well by the Noble Boys. (Sorta like the cops "Good Guy Bad Guy" routine) It starts to feel better, and leaves out the nastiness..
thankfully.

It is still light on detail and high on rhetoric, which is unfortunate.... but people get that from politicians all the time and still vote for them.

So they are telegraphing their punch already with Boris. "If he does not perform he will be invited to step down". What do they mean "perform"??? Do a rendition of Sinatra's "I did it my way" before each Directors meeting? Make the coffee to the right strength? Hmmm...

If I was not such a contemptibly distrustful person I could almost start to like B&A... there is a definite carrot dangled in this letter. Are they after all.... capable and friendly chaps???

Getting anything like decent value from such intractible assets is no easy task, even although it is made to sound like it. If Boris is going to get the sack, as appears to be the case, at least enlist his contacts to flog stuff... then sack him. THAT would be... gentlemanly.