Hi Lionel,I'm a bit confused, i think we are making the same...

Hi Lionel,

I'm a bit confused, i think we are making the same point?

My point was the cash backing is all well and good, but if the company is going to use that cash to fund drilling, project development etc, you need to value the tenements themselves, after adjusting for your view of what results will be from those drilling/development programmes. As a result the cash you should take into account is that adjusted for the expenditure.

Perhaps my comment wasn't clear.

I'm confused by your reference to brokers. Would be grateful if you can elaborate re the issues in the thread or was it just a general comment?

Also, do you have any views on the issues raised by the thread re overhang and why JPM is selling? Interested in your thoughts given your knowledge of the stock.

BTW, thanks for your contributions re tax impacts of cap return/dividend. Most helpful.

Kind regards