according to the NZX website, NTA is 85.8 cents.
That's why it's trading in the low 40's ;)
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Good morning Arjay and all,
I agree. I alluded to this a couple of years ago on this thread. Ak appears to come from a very successful capital management/manipulation background "Watchman Capital" as I understand it. He has recently stepped down from the board. But, and this is a big BUT, all this was probably premised on higher oil prices. I say flog it all off and lets have at least some capital returned - 85c nta may be overly optimistic but at least the high overhead bleed will stopand at this point in history "a bird in the hand!!". From 2 decent oil/gas discoveries in the eighties, nothing decent since, this company needs winding up and soon. I wonder about Diggers view now.
Have a happy investing roller coaster.
-dodgy (owner/shareholder/capital bleeder)
Yes the sun his slowly sinking below the horizon for S/Hs and has been of course for a long long time.
To hope that management has sympathies for them and do something on compassionate grounds, is utter pie in the sky stuff.
Let alone any hope them contemplate killing the goose that lays the golden egg for a long while yet.
Certainly have ample funds to idle along, hugging the Through, with a cynical smirk on their faces every one of them.
BTW:
Where are all the Peak Oil Gurus hiding out these days???
The oil glut is producing international economic havoc and now Iran is about to flood the market with half a million barrels a day. In one Michigan town there is a gas war going on and gas is 49 cents a gallon. Flint Michigan has a serious water emergency.
Switching to drilling for water, better option for NZO
Here is still HOPE?!?!
Hi Fabs and all
No one appears to interested in my winding up solution - to at least salvage something while there is still something (Kupe) worth selling. And first overhead headed for the door should be the "external relations manager" a relatively recent (if you have had an interest since the eighties) addition being part of AK's upspecing and increasing of overheads to produce a best in class research facility. Comments?
Regards and happy investing.
-dodgy (owner/shareholder/reducing investor - better prospects NZR)
I would concur with others regarding performance, going back over a very long period. No sugar coating here.
While the oil industry is being decimated in the short term, longer-term strategy is questionable. Maybe that is being a little unkind or I haven't been paying enough attention, but I guess if they'd had a decent find in the last 20 or so years, then it might have changed this. I am over the glossy reports.
In the meantime, they have $103m in cash, that's over 30cps, and I just don't want to see this frittered away. Of this $41m is in USD, so done alright out of that. Quarterly report should be out in the next week or two, so some interest to see what that brings.
Given cash in hand, the market values the rest of the company at under $30 million. A sign of market irrationality? Or more likely the direction of the company??? Wind-up should be looked at seriously if they look at maximising shareholder wealth - cut all the costs, return cash to shareholders and sell assets once market recovers.
From a personal perspective, clearly my worst ever investment. But a large learning curve. ;)