silly sellers

It puzzles me that some NMR investors are willing to sell their shares for 3 cents. The people who contol NMR which is the group of shareholders from the Walkabout Company which vendored the Botswana coal assets into NMR have been conspicuously not selling shares, even when the price was much higher than 3 cents.

One obvious possibility for NMR would be to negotiate a trade sale of the Botswana coal assets, maybe to a large Indian or Chinese group who are able to take the long view on such a large energy resource.

At a bare minimum price of 5 cents per tonne of coal reserves that would imply a trade value of $300 million based on a resource of 6 billion tonnes and counting.

The math aint hard, a $300 million trade sale would provide 60 cents per share on a fully diluted capital base of 500 million shares.
What are the odds on such a transaction coming off? A lot better than 20/1 in my view.