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Stocks with market capital < their cash in bank, PSA
farmer fred
post Posted: Jan 14 2009, 12:30 PM
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MMA (MMC Contrarian Ltd) has $76.6 m cash as well as $15.5m in shares against a market cap of $56m with the shareprice at 40c. Its a fund manager so I guess it all depends on whether they invest that money wisely but at least they've got a good head start. Recently completed an off market share buy back.

 
hungry
post Posted: Jan 11 2009, 03:14 PM
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Here's a few more O&G's gathered over the w/e.
AED EXR BRU GBP LIO OIP COE AOK BFE BCC NSE RIA SEA
Cheers


 
Commander C
post Posted: Dec 22 2008, 09:38 PM
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In reply to: albion on Thursday 30/10/08 07:19am

Also AED, though I think David D & Ken T control >40%?
TAP, with $60M cash or 40cps, is also claiming that their 3rd party gas contracts are worth $65M or ~40cps --- may pay to email to see if both gas purchase price (hopefully at ultra low price) and gas sale price (hopefully at ultra high price) are fixed for life of contracts for the purposes of calculating the $65M value.

Remember after finding net cash companies to check for
a) future capex calls
b) tax bill (as pukin pointed out for MPO/AJL)

e.g. need to read earlier CFE announcements and/or email Tony Sage to see if any $$$ leakage to ATO

 
pukin
post Posted: Dec 19 2008, 02:57 PM
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In reply to: pukin on Friday 19/12/08 02:11pm

oops... made a tiny mistage. Tax won't be that high as there will be tax losses that can be utilised. So scenario is even beteer than the below... there is a lot of value to be had imho.

 
pukin
post Posted: Dec 19 2008, 02:11 PM
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A stock that now almost fits in this category but not quite is MPO.

Cash in bank now of approximately 120m after the 111m proceeds from sale of Gloucester to AGK.

That 120m is worth about 65c a share to MPO, with the current price only 70c.

5c value for Mungi, Harcourt, Lilyvale & Oak Park, NSW tenements that MEL is farming into, China, South Africa and most importantly Canada.

Ludicrous!!!

And yes 120m cash... they will have tax to pay of approximately $27m (assuming a cost base of $20m for Gloucester and all the work done, and the fees involved in selling). However the tax won't be payable for approximately a year, and anyway paying tax is an asset to shareholders down the track anyway as franking credits.

Anyway thats my cheap stock! AJL would be pretty close as well.

Cheers

Pukin

 
noosaman
post Posted: Dec 2 2008, 09:32 AM
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In reply to: hungry on Monday 24/11/08 11:04am

From the Australian
Some Miners with cash exceeding their market cap
And a good report on CTP


http://www.theaustralian.news.com.au/busin...840-643,00.html


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hungry
post Posted: Nov 24 2008, 11:04 AM
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HIG cash eq value is 5.5c ps, so I read. Not checked yet.

 
krk004
post Posted: Nov 22 2008, 07:48 AM
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FWIW;

http://www.theaustralian.news.com.au/story...5-23634,00.html

Not holding any of these,





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Do Your Own Research & Know Your Own Investment Style.

"I cannot change the direction of the wind, but I can adjust my sails."

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ooga
post Posted: Oct 31 2008, 09:19 AM
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In reply to: ooga on Thursday 30/10/08 09:51am

QUOTE
net cash backing appears to be worth about $0.18 per share


My estimate yesterday of PEM's cash backing was very conservative. Cash backing turns out to be double my estimate. Activities announcement this morning from PEM states "Cash and investments at 30 September 2008 of $73.6 million ($0.37 cents per Perilya share). No corporate debt. The bulk of one-off costs associated with the resizing were completed and paid in the September quarter."

This morning's opening price was $0.16.



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Misinformation by any other name is misinformation.
 
ooga
post Posted: Oct 30 2008, 09:51 AM
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Perilya (PEM) has downsized its Broken Hill operations to ensure profitability while zinc prices are low. After allowing for paying out redundancies etc net cash backing appears to be worth about $0.18 per share. Current SP of PEM is $0.16.

The Mt Oxide copper project is still up for grabs after CHN recently decided not to proceed with it. The Mt Oxide resource is due to be upgraded significantly in the current quarter after further good drilling results. Mt Oxide on its own is probably worth at least 10 cents per PEM share and possibly much more if copper prices rise again.

Broken Hill neighbour CBH currently has a scrip-only takeover offer for PEM on the table of 4.2 CBH shares per PEM share. At today's CBH share price of $0.054 this rates PEM as worth 22 cents per share.

Zinc and other base metals are starting to recover after their recent plummets, so PEM is probably now a bargain. Whatever, it's not likely to go much lower!




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Misinformation by any other name is misinformation.

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