shares cancelled

85.25 million shares have now been reduced to 71 million shares following the buy back of the AXI shares.

It will be intersting to see how this affects the EPS and NTA ratios.

My understanding is they used $2.3 million of their own cash and borrowed $2.2 million to fund the entire buy back which will have a positive impact on the NTA once the cash starts to build back up in their bank accounts. In essence Eumundi just bought an asset at "cost price" and should see a very good return on investment when they unlock that value.

The half yearly report is due before the end of the month, and I want to see what the revenues look like from the recent business purchases.

Joe ganim talked of getting the shares sorted out with Axiom before working on a partnership with another property developer or similar.
I believe that is their next objective that could easily double the value of the shares inside 12 months, if they hook up with the right crowd.