Bacci,Couldn't disagree more with a number of your point....

Bacci,

Couldn't disagree more with a number of your point. Particularly with this statement:

"The price of the shares has always and always will be at a discount to the asset value."

Utter nonsense. You don't know the future. Nobody does. Yes, the share price has been in a long-term decline. All long-term holders know that.

So is your strategy when investing to wait until a company's share price is at a low, then sell off the assets for whatever you can get? Not try to turn the company around and improve the share price? Good luck.

Many companies have been turned around from far worse positions than this.

As somebody else noted, if you're that determined to get the minimum value back for your investment, you could have sold some time ago. Like when the shares went to 26c when AMU announced they'd received unsolicited offers.

When looking for places to put my money, I look for companies that are undervalued. AMU is a classic example right now. One of the most undervalued oil/gas producer/explorers on the ASX by any measure. If I were forced out of it and given a small pile of cash, I'd be looking around for another company similarly undervalued. And I'd have a hard time finding one.

Of course I don't want it to STAY undervalued forever. But I'm a patient investor. If the two alternatives are: (a) Throw my hands up in the air, say it's too hard and we should just take whatever we can get, right now or (b) Consider any offers that offer fair value and otherwise continue to grow the company and wait for the inevitable turnaround as the oil price rises and gas recovers - then mark me down in camp (b).

AMU is not a lost cause. Some new blood in management, a considered exploration campaign, more paying down of debt and an improvement in the price of oil and the share price will eventually turn around, in my opinion.